Financial Measures in Relation to Violent Israeli Settlers

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MAS Notice SNR-N03
21 November 2025
NOTICE TO FINANCIAL INSTITUTIONS
FINANCIAL SERVICES AND MARKETS ACT 2022
FINANCIAL MEASURES IN RELATION TO VIOLENT ISRAELI SETTLERS 1 INTRODUCTION
1.1 This Notice is issued under section 3(1) of the Financial Services and Markets Act 2022 (the
“FSM Act”) and applies to all financial institutions.
1.2 The Monetary Authority of Singapore (the “Authority”) recommends that all financial
institutions be subject to paragraphs 3 to 5 of this Notice, which imposes targeted financial sanctions on four Israeli individuals for their involvement in acts of violence against Palestinians in the West Bank.
1.3 For the purpose of securing that effect is given to the Authority's recommendation, the
Authority directs that all financial institutions comply with paragraphs 3 to 5 of this Notice with immediate effect until 20 November 2030 (“Effective Term”). The Authority may extend the Effective Term for such further period(s) by notice in writing. 2 DEFINITIONS
2.1 For the purposes of this Notice –
“Designated Persons” means the individuals identified in Annex A; “economic resources” includes assets of every kind, whether tangible or intangible, movable or immovable, actual or potential, which may potentially be used to obtain funds, goods or services;

“funds” includes cheques, bank deposits and other financial resources; and “financial institution” means any person licensed, approved, authorised, designated, recognised, registered or otherwise regulated under any Act administered by the Authority, including any person who is exempted under any Act administered by the Authority from being licensed, approved, authorised, designated, recognised, registered or regulated.

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2.2 The expressions used in this Notice shall, except where defined in this Notice or where the
context otherwise requires, have the same meanings as in the FSM Act. 3 PROHIBITION AGAINST DEALING WITH, AND FREEZING OF ASSETS OF, DESIGNATED PERSONS
3.1 A financial institution must not, directly or indirectly (including through any provider of any
brokering or other intermediary services) –
(a) establish business relations with or undertake any financial transaction for; (b) enter into any financial transaction with; (c) provide, or facilitate or procure the provision of, any financial assistance or service (including but not limited to the granting of export credits, guarantees, insurance or re-insurance) to; or (d) transfer any financial assets or resources, or other assets or resources, to, any Designated Person.
3.2 A financial institution that has in its possession, custody or control in Singapore, any funds,
financial assets or economic resources owned or controlled, directly or indirectly, by a Designated Person must:
(a) immediately freeze all such funds, financial assets or economic resources, as the case may be; and (b) ensure that such funds, financial assets or economic resources are not made available, whether directly or indirectly, to or for the benefit of a Designated Person. 4 SCOPE OF FINANCIAL MEASURES The financial measures in paragraph 3 of this Notice shall not apply to:
(a) any transaction or business relations in respect of which the Authority issues a direction to exclude from the scope of the financial measures; and (b) any transaction or business relations in respect of which the Authority, upon application by a financial institution, grants an exemption pursuant to section 189(5) of the FSM Act.

5 DUTY TO PROVIDE INFORMATION
Every financial institution which —

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(a) has any fact or information about any transaction, proposed transaction, act or thing prohibited by paragraph 3 of this Notice; (b) has possession, custody or control in Singapore of any funds, financial assets or economic resources owned or controlled, directly or indirectly, by any Designated Person; or (c) has information about any transaction or proposed transaction in respect of any funds, financial assets or economic resources owned or controlled, directly or indirectly, by any Designated Person, must immediately inform the Authority of that fact or information. Financial institutions must also provide such further information relating to the funds, financial assets, economic resources, transaction, proposed transaction, act or thing, as the Authority may require.

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Annex A
Names and aliases
D.O.B. Nationality Gender Other Information
Meir Mordechai
Ettinger
4 October 1991 Israeli Male -
Elisha Yered 11 September 2000 or 2001
[Note: His actual year of birth is unclear.]
Israeli Male -
Ben-Zion
Gopstein
10 September 1969 Israeli Male ID Number:
024526394
Baruch Marzel 23 April 1959 American
Israeli
Male -