The Guernsey Financial Services Commission has issued a release regarding the imposition of several fines and the revocation of regulatory authorisations for a firm and an individual.
The firm ITI Trade Ltd was fined £175,000, and Mr Alexi Filatov was personally fined £35,000.
An order has been issued preventing Mr Filatov from holding a regulated position for 2 years and 10 months.
ITI Trade Ltd agreed to surrender its licence.
The compliance failings were first identified by the Commission in 2019, and the firm undertook (or purported to undertake) various remediation programmes (the results of which were doctored for the purpose of submissions to the Commission), before the Royal Court appointed Administration Managers over the firm in July 2022.
The failings relate to a lack of sanctions and AML compliance, due diligence and screening with the Guernsey entity “used to appear to provide investment services from Guernsey, when in reality much of the business was conducted in Russia”.