The Jersey Financial Services Commission (JFSC) has issued fines of £719,000 against three SG Kleinwort Hambros (SGKH) firms, after it found the bank's compliance on the island to be lacking.
The fines were distributed as follows: £510,600 to SGKH Bank; £155,477 to SGKH Trust; and £53,375 to SGKH Corporate.
Despite these penalties, the JFSC stressed that there is no evidence the firms actually facilitated financial crime.
The fines come partly from a lack of sufficient documentation of board meetings. This meant the three entities’ boards could not demonstrate they adequately monitored and controlled the...
