General licence – IOM/2022/RUS024
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 06 July 2022, the Treasury issued General Licence IOM/2022/RUS024 under regulation 64 of the Russia Sanctions (EU Exit) Regulations 2019, as they apply to the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504] (‘the Regulations’).
Any persons intending to use General Licence IOM/2022/RUS024 should consult the copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.
General Licence IOM/2022/RUS024 which, subject to certain conditions, allows a Person to make use of the retail banking services of a designated Credit or Financial Institution provided that the payments made or received are intended for the personal use of a Person.
For the purposes of General Licence IOM/2022/RUS024, A Person is an individual other than an individual designated by the Secretary of State from time to time under regulation 5 of the Russia (Sanctions) (EU Exit) Regulations 2019 (of Parliament); a designated Credit or Financial Institution is any credit or financial institution designated by the Secretary of State from time to time under regulation 5 of the Russia (Sanctions) (EU Exit) Regulations 2019 (of Parliament); and a Relevant Institution is:
- a person who is licensed under the Financial Services Act 2008 (of Tynwald) to carry on a regulated activity within the meaning of section 3 of that Act
- a person who is authorised or registered under the Insurance Act 2008 (of Tynwald) or holds a permit under that Act
- a person who is registered under the Moneylenders Act 1991 (of Tynwald) to carry on the business of lending money
- a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2008 (of Tynwald)
The Date of Issue is 6 July 2022 and the Date of Expiry is 10 September 2022.
Under General Licence IOM/2022/RUS024:
- Subject to the conditions set out in the licence a Person may make use of the retail banking services of a designated Credit or Financial Institution provided that the payments made or received are intended for the personal use of a Person
- During the period from the Date of Issue to the Date of Expiry (inclusive), a Person may only make payments in accordance with paragraph 4.1 of the licence provided that the total value of such payments made by the Person does not exceed £50,000 and
- A Relevant Institution may process payments made in accordance with the permissions above provided that the total value of such payments processed by that Relevant Institution during the period from the Date of Issue to the Date of Expiry (inclusive) in respect of a Person does not exceed £50,000
Reporting Requirement
General Licence IOM/2022/RUS024 includes a reporting requirement that within 14 days of processing a payment in accordance with paragraphs 4.1 and 4.3 of the licence, a Relevant Institution must report to the Treasury, with details and supporting evidence of:
- The amount(s) processed
- The payment route used and
- The date on which the funds were processed
General
The permissions in General Licence IOM/2022/RUS024 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of The Russia Regulations, save as permitted under licences granted under The Russia Regulations.
The General Licence takes effect from the date of issue and expires on 10 September 2022.
Further details of the sanctions regime related to Russia may be found on the Customs and Excise pages of the Isle of Man Government website.
