Guernsey Financial Services Commission alerts firms to 18 new UK Russia sanctions designations requiring immediate asset freezes and reporting

The Guernsey Financial Services Commission has notified firms that 18 individuals and entities have been designated under the United Kingdom's Russia sanctions regime, which is given effect in the Bailiwick of Guernsey through the local sanctions implementation framework. Businesses must check whether they hold accounts or have any other relationship with the named persons or with any other designated person, and must freeze without delay any funds, assets or economic resources belonging to, owned, held or controlled by them, including assets held indirectly or through persons acting on their behalf or at their direction. Firms must also refrain from making funds or economic resources available to designated persons or to entities they own or control, unless a permitted derogation or a licence applies. The notice covers 10 individuals and 8 entities on the UK sanctions list. Any findings must be reported immediately to the Policy and Resources Committee, alongside compliance with section 14 reporting obligations under Guernsey's sanctions law. Where an affected relationship is identified, firms must also notify the Commission and then provide a report under Handbook Rule 12.37 as soon as reasonably practicable after the statutory report, including the name of the linked customer, beneficial owner, key principal or transaction or asset, and the nature and value of the business relationship or occasional transaction.