Mrs Michelle Jardine (R) (2015-07-07)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 25 of the Financial Services (Jersey) Law 1998, following an investigation into Mrs Michelle Jardine's fitness and propriety in her former roles as Money Laundering Reporting Officer (MLRO) and Money Laundering Compliance Officer (MLCO) at STM Fiduciare Limited (STM Jersey). It records that the Commission has issued directions under Article 23 of the Law restricting her future employment in Jersey's regulated financial services sector.

• Grounds for action: As MLRO, Mrs Jardine failed to process 15 internally filed suspicious activity reports (SARs) relating to 19 individuals or entities, some outstanding for around 20 months; as MLCO and MLRO she was responsible for or involved in compliance reports to the STM Jersey Board (November 2010, April 2011, December 2011) that did not fully report on internal and external SAR status.
• Directions imposed: Mrs Jardine is barred from engaging in any employment with any registered person under the FS(J)L, or under the Collective Investment Funds, Insurance Business and Banking Business Laws, without first obtaining the Commission's prior written approval; equivalent directions have been issued under each of those other regulatory laws.
• Duration: The directions remain in force until Mrs Jardine satisfies the Commission that no grounds for them remain, at which point they may be varied or withdrawn.
• Offences: It is a criminal offence under Article 23(15) for Mrs Jardine to obtain employment with a registered person in breach of the directions, and it is also a criminal offence for any person to knowingly allow her to perform a function or hold a position with a registered person in contravention of the directions.

The statement notes that Mrs Jardine resigned from STM Jersey immediately after the Commission's investigation began in March 2012 and has since cooperated fully with the Commission. It serves as a public record and warning notice rather than creating new ongoing regulatory obligations for firms generally, beyond the specific prohibition on employing her without approval.

Key obligations

• Mrs Jardine must not engage in any employment with a registered person under the FS(J)L or the other named regulatory laws without first obtaining the Commission's prior written approval.
• Any registered person or other party must not knowingly allow Mrs Jardine to perform a function, engage in employment, or hold a position in contravention of the directions.
• Mrs Jardine must satisfy the Commission that no grounds for the directions remain before they can be varied or withdrawn.
• Persons with information indicating that Mrs Jardine has obtained employment in breach of the directions are asked to contact the Commission.

Applies to

registered persons under the Financial Services (Jersey) Law 1998, trust company business licensees, collective investment fund businesses, insurance businesses, banking businesses