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Anti-money laundering: Jersey imposes a fine on Société Générale

2021-02-26T21:10:18.541Z

The financial regulator of Jersey has imposed a fine of nearly 720,000 pounds (about 830,000 euros) on three subsidiaries of Société Générale for breaches of the fight against money laundering, we learned on Friday. Read also: Societe Generale, story of a downgrading The Jersey Financial Services Commission (JFSC) has decided to sanction three entities of the French bank for having in particular



The financial regulator of Jersey has imposed a fine of nearly 720,000 pounds (about 830,000 euros) on three subsidiaries of Société Générale for breaches of the fight against money laundering, we learned on Friday.

Read also: Societe Generale, story of a downgrading

The Jersey Financial Services Commission (JFSC) has decided to sanction three entities of the French bank for having in particular "

failed to demonstrate that they had put in place adequate risk management systems

," she said in a report. press release published in mid-February and reported by Les Echos.

Contacted by AFP, Société Générale did not comment.

"This is the third time that the JFSC has used its powers to sanction companies operating in financial services in Jersey for violating regulatory requirements

,

"

commented Martin Moloney, the managing director of the Channel Island regulator. , cited in the press release.

Jersey, like Guernsey and the Isle of Man, does not belong to the United Kingdom but to the British monarchy and manages its internal affairs in complete autonomy, in particular tax matters.

Often considered a tax haven, it announced in 2019, under pressure from the EU, a series of measures to bring more financial transparency.

Breaches

The three sanctioned entities are affiliates of SG Kleinwort Hambros, a British subsidiary of Societe Generale, dedicated to private banking and wealth management.

SGKH Bank was fined over £ 510,000, SGKH Trust over 155,000 and SGKH Corporate over 53,000.

“While there is no evidence that the three SGKH companies facilitated financial crime, companies must ensure that they do not risk being used in this way, as such use would undermine Jersey's integrity and financial stability

,

said Martin Moloney.

“The three SG Kleinwort Hambros companies recognized their shortcomings at an early stage and have taken steps to effect changes to strengthen their governance arrangements as well as their compliance systems and controls

,” he added.

This cooperation of the banking subsidiaries enabled them to obtain a reduction by half of the amount of the fine initially envisaged.

Source: lefigaro

All business articles on 2021-02-26

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