Guernsey Financial Services Commission issues notice on amended UK Iran nuclear sanctions designations for Post Bank of Iran and Sina Bank

The Guernsey Financial Services Commission published a sanctions notice advising that the designation details for POST BANK OF IRAN (Group ID: 11215) and SINA BANK (Group ID: 11186) have been amended under the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 as applied in the Bailiwick of Guernsey. Both entities remain subject to an asset freeze and will continue to appear on the consolidated list. The notice reiterates that all businesses must check whether they hold accounts for, or otherwise have relationships with, the listed entities or any other designated person, and must treat relevant funds, other assets and economic resources as frozen with immediate effect where not already frozen, including assets held or controlled directly or indirectly and assets held on behalf of designated persons. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must meet the statutory reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must also refrain from making funds or economic resources available, directly or indirectly, to designated persons (or entities they own or control, or those acting on their behalf) unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee; where an affected relationship is identified, firms should also notify the Commission and provide a report under Handbook Rule 12.37 with, at a minimum, the relevant party or asset details and the nature and value of the relationship or transaction, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.