The Guernsey Financial Services Commission published a sanctions notice confirming that identifying details for BANK SADERAT IRAN (Group ID: 11185) have been amended to align with the UK Sanctions List. The entity remains designated under the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 and continues to be subject to an asset freeze as implemented in the Bailiwick of Guernsey under Guernsey’s UK sanctions implementation regime. The notice reminds all businesses to check for any accounts or other relationships with the designated entity or any other designated person under the relevant legislation and to ensure any funds, other assets or economic resources that are owned, held or controlled (directly or indirectly) are treated as frozen with immediate effect if not already. Businesses must report any findings to the States of Guernsey Policy & Resources Committee and meet reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, while also refraining from making funds or economic resources available to designated persons (including owned or controlled entities and those acting on their behalf) except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee; affected relationships should also be reported to the Commission in line with Handbook Rule 12.37, including at least the relevant name(s) and the nature and value of the relationship or transaction.

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