The Guernsey Financial Services Commission has issued a sanctions update advising that the details of Kantemir Kaparbekovich Chalbayev, unique ID RUS2990, have been amended under The Russia (Sanctions) (EU Exit) Regulations 2019 as applied in the Bailiwick of Guernsey. The individual remains subject to an asset freeze, travel ban, trust services sanctions and a director disqualification sanction. Businesses must check whether they hold accounts or have any other relationship with the individual or with any other designated person, entity or body under the relevant legislation, and must freeze any funds, assets or economic resources linked to them with immediate effect if this has not already been done. Firms must report any findings immediately to the States of Guernsey Policy & Resources Committee, meet their reporting obligations under section 14 of the Sanctions Law, and must not make funds or economic resources available directly or indirectly except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms must also notify the Commission and, under Handbook Rule 12.37, provide a report setting out at least the relevant customer, beneficial owner, key principal or linked transaction or asset, and the nature and value of the business relationship or occasional transaction, as soon as reasonably practicable after the statutory report to the Policy & Resources Committee.

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