Guernsey Financial Services Commission updates Russia sanctions designation details for Sergey Vladimirovich Mikhailov

The Guernsey Financial Services Commission (GFSC) issued a Russia sanctions notice confirming that the designation details for Sergey Vladimirovich Mikhailov (Unique ID RUS1387) have been amended under the UK Russia (Sanctions) (EU Exit) Regulations 2019, which are given effect in the Bailiwick of Guernsey via local implementing regulations. The individual remains subject to an asset freeze and trust service sanctions. Businesses are required to check whether they hold accounts for, or otherwise have any relationship with, the designated individual or any other person designated under the relevant legislation, and must ensure any funds, assets or economic resources owned, held or controlled by such persons are treated as frozen with immediate effect if not already. Any findings must be reported to the States of Guernsey Policy & Resources Committee and firms must comply with statutory reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Firms must also refrain from making funds or economic resources available to designated persons, entities they own or control, or persons acting on their behalf, unless covered by a permitted derogation or licence determined by the Policy & Resources Committee, and must notify the GFSC where an affected relationship is identified, including providing a report under Handbook Rule 12.37 setting out relevant parties or assets and the nature and value of the relationship or transaction.