Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty

4th August 2023

On the 4th day of August 2023, the Commission imposed a discretionary financial penalty as follows:

  • Mr Paul Conway (“Mr Conway”) a financial penalty of £30,000.

Further, on the above date, the Commission imposed a prohibition as follows:

  • Mr Conway is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money laundering compliance officer under each of the regulatory laws for a period of three years.

The exemption set out in section 3(1)(g) of The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) (which would otherwise permit those prohibited to act as a director of not more than six companies) has also been disapplied in respect of Mr Conway for a period of three years.

The above sanctions have been imposed on Mr Conway following his failure to meet the Minimum Criteria for Licensing as set out in Schedule 1 to the Fiduciaries Law.

More details to follow in due course.