Guernsey Firms Face Serious Compliance Risks with New Fines and New Laws - VinciWorks

Utmost Worldwide Ltd. et al: Penalties (Guernsey)

Public Statement by the Guernsey Financial Services Commission that it has imposed penalties on Utmost Worldwide Limited, Leon Steyn, and James Alexander Watchorn for regulatory breaches.The post Utmost Worldwide Ltd. et al: Penalties (Guernsey) first appeared on OffshoreAlert.

Guernsey firms face serious compliance risks with new fines and new laws - VinciWorks

A record enforcement action by the Guernsey Financial Services Commission (GFSC) has sent a clear signal to financial services firms: regulators are now willing to impose significant penalties for systemic failures in financial crime controls. The nearly £2 million fine against insurance company Utmost Worldwide Limited illustrates how long-standing weaknesses in risk assessment, client monitoring and governance can accumulate into serious regul…