Guernsey Financial Services Commission updates Russia sanctions notice for Yuri Olegovich Denisov and restates asset-freeze reporting duties

The Guernsey Financial Services Commission published a Russia sanctions notice advising that the designation details for Yuri Olegovich Denisov (OFSI Group ID 16507; Unique ID RUS2124) have been amended. He remains designated under the Russia (Sanctions) (EU Exit) Regulations 2019 and continues to be subject to an asset freeze and trust services sanctions. The notice reminds businesses to check whether they hold any accounts or have any other relationship with Denisov or any other designated person, and to treat as frozen with immediate effect any funds, assets or economic resources owned, held or controlled directly or indirectly, including derived interest and assets held jointly or through persons acting on a designated person’s behalf. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, with firms expected to meet the reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, which gives effect to the UK regime in Guernsey through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. Firms must also refrain from making funds or economic resources available to designated persons, to entities owned or controlled by them, or to those acting on their behalf, unless a permitted derogation applies or a licence is issued by the Policy & Resources Committee. Where an affected relationship is identified, the Commission also expects firms to notify it and, under Handbook Rule 12.37, to submit a report setting out at minimum the relevant customer or beneficial owner or key principal or linked transaction or asset, and the nature and value of the relationship or occasional transaction, as soon as reasonably practicable after completing statutory reporting to the Policy & Resources Committee.