Under Singapore’s AML/CFT regulations, regulated entities are required to adhere to the targeted financial sanction (TFS) regime. Various local and international authorities impose specific sanctions that must be followed.
Regulated entities must comply with sanctions issued by the United Nations Security Council Committee, which includes:
- The Da’esh and Al-Qaida Sanctions List
- The UN Taliban List
Additionally, compliance with the Terrorism (Suppression of Financing) Act is essential. This act mandates that regulated entities screen their customers, suppliers, beneficial owners, and others.
In this video, we’ll cover the necessary sanctions and the corresponding measures that regulated entities should implement.
The video also highlights the potential consequences of establishing a business relationship with sanctioned individuals, including severe penalties and possible imprisonment for non-compliance.
Thus, it is crucial for your AML compliance program to include robust TFS and screening procedures.