Mr Daniel Patrick Leonard Noding (R) (2014-07-24)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing directions issued against Mr Daniel Patrick Leonard Noding, the former Key Person, Compliance Officer, Money Laundering Compliance Officer and Money Laundering Reporting Officer of Horizon Trustees (Jersey) Limited (HTJL, now in liquidation). The statement follows an investigation into HTJL's trust company business and concludes that Mr Noding acted without integrity and displayed the most serious kind of incompetence.

• Findings: Mr Noding failed to manage conflicts of interest, allowed inaccurate customer valuations to persist, provided inadequate compliance and AML reporting, and took no action despite awareness of serious issues, including failing to contact the Commission.
• Directions issued: Under Article 23 of the Financial Services (Jersey) Law 1998, Mr Noding is prohibited from performing any function for, being employed by, or holding any position in the business of any registered person (and equivalent restrictions under the Banking Business, Collective Investment Funds and Insurance Business Laws).
• Duration: The directions remain in force indefinitely until Mr Noding successfully applies under Article 23(6) for their variance or withdrawal.
• Offences: Mr Noding commits an offence under Article 23(15) if he breaches the directions; any person or business who knowingly allows him to act in contravention of the directions commits an offence under Article 23(15A).

This is an individual enforcement notice rather than a rule of general application; it is directed at Mr Noding and any registered person or business that might employ or engage him, rather than imposing new ongoing obligations on the wider regulated sector.

Key obligations

• Mr Noding must not perform any function for, be employed by, or hold any position in the business of any registered person in Jersey unless and until the directions are varied or withdrawn by the Commission
• Any registered person or business must not allow Mr Noding to perform a function, engage in employment, or hold a position knowing this would contravene the directions, or they commit an offence

Applies to

trust company business, registered persons under the Financial Services (Jersey) Law 1998, businesses licensed under the Banking Business (Jersey) Law 1991, businesses licensed under the Collective Investment Funds (Jersey) Law 1988, businesses licensed under the Insurance Business (Jersey) Law 1996