Guernsey Financial Services Commission updates Russia sanctions notice for Tigran Khudaverdyan and reiterates asset-freeze reporting requirements

The Guernsey Financial Services Commission published a Russia sanctions notice advising that details for one designated individual, KHUDAVERDYAN Tigran Oganesovich (Unique ID: RUS1034), have been amended under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019 as applied in the Bailiwick. The individual remains subject to an asset freeze, Trust Services Sanctions and a travel ban. 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 to treat relevant funds, assets and economic resources as frozen with immediate effect where not already frozen. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018; businesses must also not make funds or economic resources available to designated persons (or entities they own or control, or those acting on their behalf) except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also inform the Commission and, under Handbook Rule 12.37, submit a report to the Commission as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee, including at least the relevant customer or transaction/asset details and the nature of the relationship (including transaction and/or asset value).