New Business Administrator

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Job Description

Role: Administrator – New Business

Reports to: Head of New Business

Type: Permanent

Established in Guernsey in 1997, Cannon Asset Management is a financial and fiduciary

services company that provides clients with bespoke, expert solutions and offshore

investment alternatives.

As a well-established service provider, we offer exposure to areas of wealth

management ranging from the formation and administration of Trusts & Companies,

Managed Services, Investments, Property Management and Fund Administration.

We believe in building trustworthy, long-lasting, and multi-generational relationships

with our clients – both individual and corporate.

Main Purpose of Job

New Business is generally the first interactive point of contact from the Guernsey office

for new clients to be considered for onboarding by Cannon.

The onboarding process is comprehensive in that it covers all aspects from start to finish

relating to the onboarding of the client, the establishment of a trust and/or the

incorporation of a company for the client as well as the submitting of bank account

applications for the entities created as described above.

An integral part of the New Business process is the liaising with Introducers of the

business, such as other financial services companies in various jurisdictions but also with

the clients directly in order to obtain enough information to be able to decide if the

prospective clients business falls into the risk appetite of Cannon. The same applies to

liaising with banks in order to comply with their onboarding requirements when opening

bank accounts for the entities.

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Communication is therefore a key factor in the onboarding process as a whole and will

include apart from telephonic and electronic communications, also Teams or Zoom calls

with the Wealth Manager or liaison of the introducer as well as the client.

Apart from offshore & onshore Introducer business, Cannon directors will also instruct

New Business to onboard their own clients or attend to the transfer in of trusts or taking

over the corporate directorships of companies currently being managed by other fiduciary


Part of the onboarding process will be the presentation of the business of the prospective

client to the New Business Committee which is comprised of by at least two directors and

the MLRO where the business is considered to be high risk. Presentations at these

meetings is normally conducted by the Head of New Business, but in his/her absence, this

task will fall on the New Business Administrator.

A thorough understanding of the clients business is therefore essential, which

understanding is dependent on the interpretation of the information the client provided as

well as replies received to New Business queries. Decision making is therefore an

important part of the duties of the New Business administrator, which lays the foundation

for the drafting of a risk review of the client for consideration by the directors, which will

include proper and clear motivation for such decisions reached. This will enable

Compliance and/or the directors to use the information gathered and recorded by New

Business, as a starting point when considering the risk of the onboarding of the clients


Other New Business duties include the creation of the client or entity on the software

program plus the input of data relevant to the client or entity, the correctness of which is

relied upon by many other sections in the office to be able to attend to their duties.

Interacting and co-operation with the other departments in Cannon is therefore a daily

occurrence which often leads to New Business having to maintain or update the data to be

current and reliable.

Additional responsibilities include the creation and maintenance of various Registers and

spreadsheets, the incorporation of Companies on Guernsey Registry and liaising with

other States departments such as Revenue and various smaller administrative tasks to

enable New Business to officially hand over the successfully onboarded business to the

allocated Administrator.

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Key Responsibilities

• Reviewing, interpreting and compiling queries on information provided in the

onboarding documentation and corroborating CDD/SOF/SOW documentation.

• Communicating with other role-players such as introducers and ensuring that all

documentation, information and replies to queries received are satisfactory and

compliant with legislation/regulations and internal Cannon Manuals, policies and


• Carrying out online compliance checks

• Completing risk profiles, risk reviews, checklists & minutes for New Business

Committee meetings.

• Setting up trusts and preparing related documents

• Incorporating new companies and preparing related documents

• Establishing CAM managed accounts for individuals

• Preparing bank applications

• Using and updating CAM’s in-house database, including maintaining share and other


• Liaising with other financial services providers to facilitate the transfer of assets or

pour over of assets from a previous structure.

• Preparing invoices for the entities onboarded by New Business

• Finalising the New Business procedures in line with checklists.

Skills, Competencies & Experience

• A good working knowledge of the new GFSC AML/CFT Framework, including the

Financial Crime Manual and the CRM is expected (this will also be covered by

internal and external training)

• Knowledge of the requirements of the GFSC Handbook and other Guernsey

legislation/regulations for the onboarding and maintaining of a business relationship

is essential, plus knowledge of the application of other legislation relevant to the

Bailiwick, such as the GDPR.

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• Experience and work history with other financial service companies specifically

relating to the onboarding of potential new business and interpretation of related

CDD/SOF/SOW information and corroborating documentation, compiling of risk

reviews, creating and upkeep of diaries and spreadsheets and the incorporation of

companies and completion of bank accounts will be a distinct advantage.

• A legal qualification or legal background would be an advantage.

• Proficiency in MS Office packages particularly Excel, Outlook.

• Highly motivated self-starter with excellent written and verbal communication skills,

and organisational capabilities.

• Excellent administrative skills including accuracy and attention to detail.

• Ability to organise and prioritise workload as well as to work under pressure and

meet deadlines.

• Ability to work well within a team as well as independently.

• Ability to take instructions and adapt to a change in the re-prioritisation of the current

workload including the taking on and finalisation of partly completed tasks.

• Confidence to liaise with internal and external contacts.

Terms & Conditions:

Salary: Competitive and dependant on experience

Hours: 09:00 to 17:00 with 1 hour for lunch

Holiday: 25 days per annum, increasing to 26 days after three years, 28 days after

five years and 30 days after ten years’ service.

Pension: 8.5%

Medical: AXA PPP

Other benefits: Annual Discretionary Bonus


Rachael Saul/Jude Harris at

01481 716387

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Salary: NA

Job Summary

Ref ID: 2946