JFSC imposes a civil financial penalty on Belasko Jersey Limited for AML/CFT systems and controls contraventions

Belasko Jersey Limited (Belasko Jersey) has been issued with a £19,211.73 civil financial penalty for negligent, significant and material contraventions of certain specific requirements of Jersey’s regulatory framework in relation to one customer relationship. Belasko settled with the JFSC in this regard.

Between 1 November 2019 and 21 March 2022, Belasko Jersey failed to apply effective systems and controls, including CDD and on-going monitoring measures, that were commensurate to the heightened financial crime risks associated with the customer relationship concerned.

Belasko Jersey’s failure with respect to this one customer relationship left it vulnerable to significant financial crime risks, posing an unacceptable risk to the integrity, reputation and stability of Jersey’s financial services industry.

The JFSC has issued a public statement outlining the findings of its investigation.

Kerry Petulla, the JFSC’s Executive Director of Enforcement, Intelligence and Financial Crime commented:

“Failures by firms in Jersey to mitigate higher risks of financial crime present in a customer relationship is of serious concern to the JFSC. Such failures can undermine the integrity and stability of Jersey’s financial services industry.

The action taken today demonstrates the JFSC’s on-going commitment to apply proportionate and dissuasive sanctions where firms fail to apply effective systems and controls to counter financial crime in Jersey and elsewhere.”

The current Board of Belasko Jersey commented:

“Belasko accepts the findings identified in the public statement issued today by the JFSC. Belasko is now under new ownership and has materially restructured its leadership team. It has also undertaken a programme of work to strengthen its governance and control framework. We are grateful to the JFSC for the opportunity to work with it to resolve this matter, which related to one customer. No loss was suffered by anyone from the matters identified.”