Guernsey Financial Services Commission issues cyber sanctions notice after UK list correction for Andrei Valerevich Kozlov

The Guernsey Financial Services Commission published a cyber sanctions notice advising that the UK sanctions list entry for Andrei Valerevich Kozlov (CYB0103), designated under the UK Cyber (Sanctions) (EU Exit) Regulations 2020, has been corrected and that the individual remains subject to sanctions as implemented in the Bailiwick of Guernsey. The notice reminds all businesses to check for accounts or other relationships with the designated person (and any other designated persons, entities or bodies under the relevant legislation), to treat any relevant funds, assets and economic resources as frozen with immediate effect where not already frozen, and to report findings to the States of Guernsey Policy & Resources Committee and comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available, directly or indirectly, to designated persons or to entities owned or controlled by them, or to persons 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 are also expected to notify the Commission and provide a report under Handbook Rule 12.37, including specified minimum information, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.