Mr Richard John Bach (Date of Birth 24 October 1954) of L'Ecurie, Rue des Jehans, Torteval, Guernsey, GY8 0RE (2020-12-11)

Summary

This is a prohibition order notice issued by the Guernsey Financial Services Commission against Mr Richard John Bach, barring him from holding key roles in Bailiwick of Guernsey regulated entities across banking, insurance, investment and fiduciary sectors for a six year period.

• Scope of prohibition: Mr Bach is prohibited from acting as director, controller, partner, manager, money laundering reporting officer, money laundering compliance officer or compliance officer.
• Fiduciary sector: Prohibited in relation to regulated activity carried on by or for a licensed fiduciary under the Regulation of Fiduciaries, Administration Business and Company Directors, etc Law, 2000.
• Investment business: Prohibited in relation to controlled investment business carried on by an entity licensed under the Protection of Investors Law, 1987.
• Insurance managers and intermediaries: Prohibited in relation to business carried on by or for an insurance manager or insurance intermediary under the 2002 Law.
• Insurance business: Prohibited in relation to insurance business carried on by or for a licensed insurance business under the Insurance Business Law, 2002.
• Banking: Prohibited in relation to deposit-taking business carried on by or for a licensed institution under the Banking Supervision Law, 1994.

The prohibition applies from 11 December 2020 until 11 December 2026. During this period, Guernsey licensed entities in these sectors must not allow Mr Bach to perform any of the listed functions.

Key obligations

• Licensed fiduciaries, insurance managers, insurance intermediaries, insurance businesses, licensed institutions (banks) and entities licensed under the Protection of Investors Law must not permit Mr Richard John Bach to act as director, controller, partner, manager, MLRO, MLCO or compliance officer in relation to their regulated activities from 11 December 2020 until 11 December 2026.

Applies to

licensed fiduciaries, entities licensed under the Protection of Investors Law (controlled investment business), insurance managers, insurance intermediaries, licensed insurance businesses, licensed banking institutions (deposit-takers)

Deadlines

• 11 December 2020 until 11 December 2026: Period during which Mr Richard John Bach is prohibited from performing the specified functions across the listed regulated sectors.