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Jane Kerins talks about the value of a strong compliance culture

Louvre Trust (Guernsey) Limited has recently welcomed Jane Kerins to the team. An experienced trustee and authority on compliance, Jane has taken on the role of Fiduciary Risk Director and has also joined the board.

A highly respected name in the industry, Jane brings 30 years’ experience to the team. She now enjoys applying the knowledge she gained working for several multinational bank-owned trust companies to benefit Louvre’s clients and their structures. Her expertise is equalled by her industry network and she has a refreshingly positive perspective on the topic of compliance.

‘Through the various roles I have had in my career and through the changes I have seen in the industry I have come to genuinely believe in the value of a demonstrably sound compliance culture.

‘In addition to regulatory compliance, being fully compliant enables our clients to have a truly robust structure that stands up to international scrutiny. In turn, that gives the client a solid base for growth and better access to business transactions. They can move more quickly, respond faster to challenges and opportunities, unburdened by unnecessary hurdles or unexpected problems. It means our clients can do business from a position of strength - I see it as a tangible competitive advantage that will only become more important in the coming years.

If a client is doing a large, international deal, they will have the right tools in place to enter into that deal in the best possible way.

‘It is easy to adopt the belief that a strong compliance culture is a cost burden for clients, intermediaries and fiduciary companies, but without it there is a far bigger risk of financial loss. A fully compliant and well-founded structure might be a harder sell initially but it is a more stable, sustainable and ultimately more valuable asset in the long term. It’s about building a framework that can withstand challenge.

‘I believe that the increasingly stringent compliance environment is giving us better quality businesses that we can all be proud of and that stand up well in the global marketplace.’

‘Nowadays, a dedicated approach to knowing your customer in the broader sense is an imperative for any financial institution and of course customer due diligence is just one part of that. Putting aside the regulatory requirements, I believe that as trustees the more we know about our clients the better we can do our jobs. We want to understand our clients’ aspirations, what motivates them and much more - so I can then give them a better service and, of course, along the way, the financial crime risk is reduced as well.

‘That depth of relationship only comes from spending time with the client one to one. I want our team to proactively get to know them, not just be in contact when something comes up that requires their attention.

‘My aim is for the team to be the best possible guardian of a client’s assets, the first people our clients think of calling when they conceive of a new idea or business ambition.

‘If we know our clients really well we are better placed to see what risks might be ahead, and with the ability to anticipate comes the opportunity to manage and see off problems before they arise.

‘Looking at what lies ahead, it is clear that the General Data Protection Regulations (“GDPR”) will challenge us. We have to balance the need for information to ensure compliance with the issues of data protection - what information do we need, and are authorised, to hold?

‘As the UK moves towards Brexit, it is likely that the critics of offshore centres will gain a louder voice. Questions over tax transparency and unfair competition can be answered with confidence where a jurisdiction is following international frameworks such as the Common Reporting Standard (“CRS”).

‘It is only by being open and transparent that we will be able to shape the debate rather than just respond.’

Jane’s role focuses on overseeing the Louvre Trust (Guernsey) compliance team and the company’s approach to fiduciary risk. Jane can be contacted by calling +44(1481) 727 249 or email jane.kerins@louvregroup.com