Mr Robert Archibald Gilchrist Sinclair (2026-07-03)

Summary

This is a public enforcement statement issued by the Guernsey Financial Services Commission (GFSC) against Mr Robert Archibald Gilchrist Sinclair, former managing director, MLRO, MLCO and Compliance Director of a licensed Guernsey fiduciary company. Following an investigation into systemic financial crime failings at the licensee between 2001 and 2019, the Commission found Mr Sinclair not fit and proper and imposed a financial penalty, a lengthy prohibition, and disapplication of a statutory exemption.

• Financial penalty: A £196,000 financial penalty imposed under section 39 of the Enforcement Powers Law.
• Prohibition order: An order under section 33 of the Enforcement Powers Law barring Mr Sinclair from acting as controller, director, partner, manager, MLRO or MLCO for 5.6 years.
• Exemption disapplied: A notice under section 32 disapplying the exemption in section 3(1)(g) of the Fiduciaries Law for Mr Sinclair for 5.6 years.
• Public statement: Publication of this statement under section 38 of the Enforcement Powers Law, detailing the findings against him.
• Findings: The investigation found failures to monitor financial crime risk, conduct enhanced due diligence on PEPs and high-risk clients, update customer risk assessments, and deal openly and co-operatively with the Commission, contrary to the Proceeds of Crime Law, the AML/CFT Handbook, the Code of Corporate Governance, the TSP Code and the Principles of Conduct of Finance Business.

The document is a retrospective enforcement outcome rather than a rule imposing new ongoing compliance duties; it illustrates, through detailed case examples, the standards of customer due diligence, ongoing monitoring, risk assessment review and cooperation with the regulator expected of fiduciary licensees and their senior officers.

Applies to

licensed fiduciary companies, trust service providers, controllers, directors, partners and managers of licensed fiduciary businesses, money laundering reporting officers, money laundering compliance officers

Deadlines

• 20 January 2022: Date the Commission decided to impose the financial penalty, prohibition order, exemption disapplication and public statement.
• 5.6 years: Duration of the prohibition on Mr Sinclair holding controlled functions (controller, director, partner, manager, MLRO, MLCO), running from the date of the decision.
• 5.6 years: Duration of the disapplication of the section 3(1)(g) Fiduciaries Law exemption in respect of Mr Sinclair, running from the date of the decision.