Saima Hanif successfully acts for the Guernsey regulator in enforcement action against a Compliance Officer and 4 Directors for AML and KYC failings

Saima Hanif successfully represented the Guernsey Financial Services Commission (“GFSC”) in enforcement proceedings against Safehaven International Ltd (a fiduciary company), its directors and the Compliance Officer/MLRO, for various AML and KYC breaches

This is a rare case where the GFSC has taken action against a Compliance Officer/MLRO.  The parties were criticised for their failure to carry out effective CDD in respect of Safehaven’s high risk clients, a number of whom were PEPs. The decision highlights the importance of individual accountability and the increased regulatory focus on establishing and maintaining adequate systems and controls to detect and prevent financial crime.

The decision can be viewed here.

Saima has a global expertise in financial services and recognised in the legal directories as a leading barrister in the UK, EMEA and Asia Pacific. She is described as a “fantastic litigator” with a “high profile in the field” (Chambers & Partners) and has acted in some of the leading cases in the area. On 15 March 2020 she will be appointed as QC.