Guernsey Financial Services Commission issues Russia sanctions notice amending Autel Robotics listing and reminding firms of asset-freeze reporting

The Guernsey Financial Services Commission published a Russia sanctions notice advising that the designation details for AUTEL ROBOTICS CO., LTD. under the Russia (Sanctions) (EU Exit) Regulations 2019 have been amended, while the entity remains subject to an asset freeze and trust services sanctions. The notice points firms to the UK consolidated list and notes that the UK regime is given effect in Guernsey under the Bailiwick’s implementing regulations and the Sanctions (Bailiwick of Guernsey) Law, 2018. All businesses are required to check whether they hold accounts for, or otherwise have any relationship with, the designated entity (or any other designated person) and to treat relevant funds, other assets and economic resources as frozen with immediate effect where this is not already the case, including assets held or controlled directly or indirectly and assets held on behalf of, or at the direction of, a designated person. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must refrain from making funds or economic resources available to designated persons or entities they own or control unless a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms are also expected to inform the Commission and provide a report under Handbook Rule 12.37, including at least the relevant customer or linked transaction or asset and the nature and value of the relationship or transaction, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.