The Guernsey Financial Services Commission published a sanctions notice advising that six persons and entities have been designated under the UK Cyber (Sanctions) (EU Exit) Regulations 2020, which are given effect in the Bailiwick of Guernsey via local implementing regulations, and are now subject to sanctions. All businesses are required to check for any accounts or other relationships with the designated persons and to treat relevant funds, assets and economic resources as frozen with immediate effect where this is not already the case. The designated persons are Media Land LLC, ML.Cloud LLC, Alexander Alexandrovich Volosovik, Kirill Andreevich Zatolokin, Yulia Vladimirovna Pankova and Andrei Valerevich Kozlov. The notice highlights that freezing applies to assets directly or indirectly belonging to, owned, held or controlled by designated persons (including jointly), to property derived from such assets (including interest and dividends), and to assets of persons acting on their behalf or at their direction; businesses must also refrain from making funds or economic resources available (directly or indirectly) to designated persons, entities they own or control, or persons acting on their behalf, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee in line with the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Where an affected relationship is identified, firms must also notify the Commission and provide a report under Handbook Rule 12.37 as soon as reasonably practicable after the statutory report, including at least the relevant customer or transaction identifiers and the nature and value of the relationship or occasional transaction.

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