The Guernsey Financial Services Commission has issued a notice after the UK amended the sanctions listing details for Rostec and Helico Group LLC. Both entities remain designated under the Russia sanctions regime, which applies in the Bailiwick of Guernsey through local implementing regulations. Businesses must check for accounts, assets or other relationships connected to the entities and immediately freeze relevant funds and economic resources if not already frozen. Any findings must be reported immediately to the States of Guernsey Policy and Resources Committee. Firms identifying an affected relationship must then report it to the Commission as soon as reasonably practicable, including the relevant customer, beneficial owner, key principal, transaction or asset and details of the relationship and value involved, as required by Handbook Rule 12.37.
Guernsey Financial Services Commission issues Russia sanctions notice after UK varies details for Rostec and Helico Group
The Guernsey Financial Services Commission has notified firms that the UK has amended the sanctions listing details for Rostec and Helico Group LLC, which remain designated. Businesses must check for affected relationships, freeze relevant assets and make the required reports to the Policy and Resources Committee and the Commission.