Guernsey Financial Services Commission alerts firms to UK Russia sanctions revocation for John Michael Ormerod

The Guernsey Financial Services Commission issued a sanctions notice advising that John Michael Ormerod, Unique ID RUS2639, has been revoked from the United Kingdom’s Russia financial sanctions regime and is no longer subject to UK sanctions. The UK sanctions list has been updated accordingly. The notice highlights that UK sanctions regulations are given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Where a firm has identified an affected relationship, Handbook Rule 12.37 requires a report to the Commission that includes, at a minimum, the name of the customer, beneficial owner, key principal or the transaction and or asset linked to a sanctioned or designated person, and the nature of the business relationship or occasional transaction, including the transaction and or asset value. Firms that have identified an affected relationship are asked to provide short-form information on the sanctions connection and the measures taken or intended, and to submit the Rule 12.37 report as soon as reasonably practicable after meeting statutory reporting requirements to the States of Guernsey Policy and Resources Committee.