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Jersey's First Deferred Prosecution Agreement
Afex Offshore (Jersey) Limited was fined £408,000 under Jersey's first Deferred Prosecution Agreement (DPA) for money laundering offences. The company failed to properly verify client identities and the source of funds relating to a €3 million transaction, neglecting crucial anti-money laundering (AML) checks. Despite serious failings, the DPA reflects Afex's self-reporting, cooperation, and subsequent remedial actions. The fine highlights the importance of robust AML compliance and the consequences of non-compliance in Jersey. The case serves as a cautionary example for businesses operating in the jurisdiction.
Published on 1 year ago