The new entity will be led by Barry Faudemer, former director of enforcement of the Jersey Financial Services Commission. Faudemer, who is joining as CEO, was at JFSC for 13 years. Prior to this, he was the head of the Police and Customs Joint Financial Crimes Unit. He graduated from the FBI National Academy, having studied terrorist financing.

Baker Regulatory Services will assist financial services businesses in achieving compliance with anti-money laundering and counter-terrorist financing legislation and codes of practice together with all regulatory guidance.

In addition, advocate Cyril Whelan will serve as chairman of Baker Regulatory Services, after recently completing a ten-year post as a Commissioner of the JFSC. As well as contributing to the formulation of numerous enforcement policies and processes, he has also acted as Jersey’s Attorney General on occasion, and separately has been involved in investigative and litigation work relating to asset recovery. He is one of only four Moneyval assessors in Jersey, trained to assess the AML/CFT defences of countries for the Council of Europe’s independent committee of experts.