A finance company in Jersey has been fined £381,000 by the Jersey Financial Services Commission (JFSC) for breaking its Code of Practice.
According to the Commission, Sanne Fiduciary Services Limited (SFSL) failed to 'organise and control its affairs effectively for the proper performance of its business activities.'
It is the first time the JFSC has issued a civil financial penalty against a regulated business for breaking its Code of Practice.
There have been ongoing compliance issues with the company since 2014 but it did offer a remediation plan to the JFSC a year later.
That lead Sanne to conduct its own internal audit to review how well the plan was being put in place.
The resulting report from that in July 2017, identified a number of problems in compliance monitoring, planning and timely risk escalation.
It also said that staff training, particularly in relation to anti-money laundering, was needed as well as greater awareness of risk and the importance of record keeping.
The penalty would have been significantly greater had it not been for the work of SFSL’s current compliance function, highlighting areas for improvement, and the proactive approach of SFSL’s Board and senior management team in promptly acknowledging the shortcomings and making the necessary changes to the business.
In response to the fine, the company have put a comprehensive learning and development strategy in place for its staff.