The Guernsey Financial Services Commission published a Russia sanctions notice advising that the UK has amended the designation details for 2RIVERS DMCC and 2RIVERS PTE LTD under the Russia (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick of Guernsey through local implementing legislation. Both entities remain subject to an asset freeze, transport sanctions and trust services sanctions. All businesses are required to check whether they maintain accounts or other relationships with the two entities or any other designated person, and to treat as frozen with immediate effect any funds, assets or economic resources owned, held or controlled by them directly or indirectly, including derived property and assets held by persons acting on their behalf or at their direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must not make funds or economic resources available to designated persons or to entities they own or control, 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 provide a report under Handbook Rule 12.37 setting out, at a minimum, the relevant customer, beneficial owner, key principal or linked transaction and/or asset, the nature of the relationship or occasional transaction, and the transaction and/or asset value, as soon as reasonably practicable after meeting statutory reporting requirements to the Policy & Resources Committee.

Original source View in tracker