This Public Notice, from the Turks and Caicos Islands Financial Services Commission, serves to
bring to the attention of all financial businesses, the Financial Sanctions Notice, FSN-07-20, which
was issued by the Attorney General ‘s Chambers on January 28, 2020. The notice concerns the
addition, by the Council of the European Union, of 7 entries to the Ukraine (Sovereignty and
Territorial Integrity) financial sanctions regime.
Obligations of financial businesses in response to the Financial Sanctions Notices
The Financial Services Commission wishes to advise its licensees and registrants, who are required
to comply with the requirements of the Anti-Money Laundering and Prevention of Terrorist
Financing Regulations, 20 I 0 (as amended), and the Anti-Money Laundering and Prevention of
Terrorist Financing Code 20 I I (as amended), to pay careful attention to FSN-07-20.
All financial businesses must:
- check whether they maintain any accounts or hold any funds or economic resources for
the persons set out in the Annex to the full Notice which can be accessed via the
Financial Sanctions Notices;
- freeze such accounts, and other funds or economic resources;
- refrain from dealing with the funds or assets or making them available (directly or
indirectly) to such persons unless licensed by the Governor;
- report any findings to the Governor, together with any additional information that
would facilitate compliance with the United Kingdom ‘s Terrorist-Asset Freezing Act
(Part I, including Part I of Schedule 2 was extended to the Turks and Caicos Islands);
- provide any information concerning the frozen assets of designated persons that the
Governor may request. Information reported to the Governor may be passed on to other
regulatory authorities or law enforcement.
Financial businesses should also inform the Commission if they have any dealings with the
designated persons and provide information on the measures applied in relation to them.
AML Supervision Department
Turks and Caicos Islands Financial Services Commission.