The Guernsey Financial Services Commission issued an Iran sanctions notice advising that, under the UN Iran snapback mechanism, a set of designations has been reimposed under the United Kingdom’s Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 as applied in the Bailiwick of Guernsey. The notice instructs businesses to check for any relationships with the listed designated persons and to apply asset-freeze and reporting requirements with immediate effect where relevant. The notice publishes the affected individuals and entities (with OFSI IDs and UN reference numbers) and notes that 78 entries previously listed by the UK have been updated to reflect additional UN sanctions alongside existing autonomous designations; the names will appear on the consolidated list. Firms must treat as frozen any funds, other assets or economic resources belonging to or controlled by designated persons, including indirectly held resources and assets of persons acting on their behalf, and must not make funds or economic resources available to designated persons or entities they own or control except where covered by a permitted derogation or licence issued by the States of Guernsey Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee and, where an affected relationship is identified, firms must also notify the Commission and provide a report under Handbook Rule 12.37 covering at least the relevant customer or transaction/asset, the nature of the relationship or transaction, and the transaction and/or asset value.
Guernsey Financial Services Commission 2025-10-01
Guernsey Financial Services Commission alerts firms to reimposed UN Iran snapback designations and immediate asset-freeze reporting obligations
The Guernsey Financial Services Commission has reimposed designations under the UN Iran snapback mechanism, per the UK's Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, applicable in Guernsey. Businesses must check for relationships with designated persons, apply asset-freeze and reporting requirements, and report findings to the Policy & Resources Committee. The notice updates 78 entries with additional UN sanctions, requiring firms to treat related assets as frozen and report affected relationships to the Commission.