The Guernsey Financial Services Commission issued a sanctions notice advising that details for the consolidated list entry for Nikola VEIN (OFSI Group ID 17024; Unique ID GIM0009) have been corrected. The individual is designated under the UK Irregular Migration and Trafficking in Persons Sanctions Regulations 2025, which are given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. The notice reminds all businesses to check whether they maintain accounts or any relationship with the designated person or any other person or entity designated under the relevant legislation, and to treat relevant funds, assets and economic resources as frozen with immediate effect where not already frozen. It also reiterates prohibitions on making funds or economic resources available directly or indirectly to designated persons (and entities they own or control, or persons acting on their behalf), except where a permitted derogation applies or a licence is issued by the States of Guernsey Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee and firms must meet the reporting obligations in section 14 of the Sanctions Law; where an affected relationship is identified, firms should also provide a report to the Commission under Handbook Rule 12.37, including at minimum the relevant customer or transaction details and the nature and value of the relationship or transaction, as soon as reasonably practicable after completing statutory reporting.

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