Guernsey Financial Services Commission issues cyber sanctions notice on asset freeze for Integrity Technology Group Incorporated and Sichuan Anxun Information Technology Co., Ltd.

The Guernsey Financial Services Commission published a cyber sanctions notice advising that Integrity Technology Group Incorporated and Sichuan Anxun Information Technology Co., Ltd. have been designated under the UK Cyber (Sanctions) (EU Exit) Regulations 2020 and are now subject to an asset freeze as implemented in the Bailiwick of Guernsey. Firms must check whether they hold accounts for, or otherwise have relationships with, the designated entities (or any other designated person) and treat as frozen with immediate effect any funds, assets or economic resources owned, held or controlled directly or indirectly, including derived interests 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 comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. The notice also requires firms to refrain from making funds or economic resources available to designated persons, entities owned or controlled by them, or those acting at their direction unless covered by a permitted derogation or a licence from the Policy & Resources Committee, and to notify the Commission and submit a Handbook Rule 12.37 report after statutory reporting has been made.