January 27 2016
The maximum penalty for money laundering and terrorism financing in Guernsey has risen to £4m.
The fines can be levied for failing to carry out necessary checks or reviews or failing to make the disclosures necessary under island law.
The fines apply to licensees, with licences held by either companies or individuals.
The States agreement to raise the fines follows criticism of its sanctions in a Moneyval report.