ITI Trade and director fined in Guernsey over wide-ranging AML risk and compliance failings

Execution-only and prime brokerage ITI Trade Ltd (ITIT), now in administration, must pay a UK£175,000 (US$235,130) financial penalty, and its former director, Alex Phil (originally 'Filatov'), UK£35,000 (US$47,025) to the Guernsey Financial Services Commission (GFSC) for effectively running a front operation whose real business was conducted largely through a sister company in Russia, where customer due diligence (CDD) and sanctions screening did not meet the Bailiwick's standard.

Execution-only and prime brokerage ITI Trade Ltd (ITIT), now in administration, must pay a UK£175,000 (US$235,130) financial penalty, and its former director, Alex Phil (originally 'Filatov'), UK£35,000 (US$47,025) to the Guernsey Financial Services Commission (GFSC) for effectively running a front operation whose real business was conducted largely through a sister company in Russia, where customer due diligence (CDD) and sanctions screening did not meet the Bailiwick's standard.