Guernsey Financial Services Commission alerts firms to UK director disqualification sanctions covering 2,996 individuals and 818 entities

The Guernsey Financial Services Commission issued a sanctions notice advising that the UK Government has varied existing designations so that designated persons are now subject to director disqualification sanctions, as given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020. The measures ban designated individuals, directly or indirectly, from acting as a director of a Guernsey or Alderney company and from taking part in the promotion, formation or management of such companies, unless a licence has been issued or an exception applies. The UK variation covers 2,996 individuals and 818 entities across 28 UK autonomous and mixed sanctions regimes, with affected persons listed on the UK consolidated list. Where firms identify an affected relationship, they must notify the States of Guernsey Policy & Resources Committee immediately and also inform the Commission of the sanctions connection and the measures taken or intended; under Handbook Rule 12.37, firms must provide a report to the Commission including, at a minimum, the relevant customer or connected person/asset linked to the sanctioned person and the nature and value of the business relationship or transaction, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.