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LGL Trustees fined UK£550,000 in Jersey court for due diligence breaches

Money Laundering Bulletin

LGL Trustees fined UK£550,000 in Jersey court for due diligence breaches

Non-recognitionof the risk that a structure set up for the National Bank of Angola could beused to embezzle public money and a failure to properly identify and verify thecontrollers – the bank’s board members – for six years has cost LGL TrusteesLtd a UK£550,000 fine in the Royal Court of Jersey.

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