The Guernsey Financial Services Commission has notified businesses that three individuals and 23 entities have been designated under the United Kingdom’s Russia sanctions regime, which applies in the Bailiwick of Guernsey. Businesses must immediately check for accounts, transactions or other relationships involving the designated parties and freeze relevant funds, assets and economic resources if they have not already done so. The restrictions extend to assets owned or controlled directly or indirectly by designated parties, property derived from those assets, and assets held by persons acting on their behalf or at their direction. Businesses must not make funds or economic resources available to designated parties, entities they own or control, or their agents, unless a permitted derogation or licence applies. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee. Regulated firms must then report affected relationships to the Commission as soon as reasonably practicable, identifying the relevant customer, beneficial owner, key principal, transaction or asset and providing details of the relationship and associated value.

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