Guernsey regulator slaps £105,000 fine on Louvre Trust

Pedro Gonçalves
clock • 1 min read

The Guernsey Financial Services Commission (GFSC) has fined Louvre Trust over a series of failures that exposed the local trust firm and the Bailiwick to a significant risk of financial crime. The watchdog found that Louvre Trust (Guernsey) Ltd frequently failed to obtain adequate due diligence on client business relationships and failed to maintain adequate records. "Through its systemic failings the Licensee had potentially enabled specific structures that it administered to be involved in money laundering or terrorist financing, " the regulator said. "The potential to facilitate...

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