Two former Standard Chartered Trust (Guernsey) employees have been fined and one banned from holding senior positions for four years by the Guernsey Financial Services Commission.
In a statement on 18 May, the island's regulator said the case centred on how the firm failed to identify, manage and oversee the risks in relation to the outwards transfer and/or termination of $1.4bn in client assets,
Trevor Kelham, who was chief executive officer and managing director, got fined £45,000 and banned for four years.
Sarah Sarre, who was at different times the Head of Compliance and Money Laundering Reporting Officer, was fined £13,500.
Both exposed Guernsey "to the risk of severe reputational damage as an international finance centre," the GFSC said in a public statement announcing the penalties.
It also emerged in a separate GFSC statement on 23 May that Kelham had sought to overturn the ban and fine.
"Following publication by the Royal Court, we are making available the judgment of the Deputy Bailiff given in response to Mr Kelham's appeal against the sanctions imposed on him by the Commission's Senior Decision Maker.
"Those sanctions were covered separately in the public statement we issued on 18 May 2023 following Mr Kelham's decision not to further appeal the matter."
