Regulatory Alerts2015-03-06
Added
Monetary Authority of Singapore (Freezing of Assets of Persons – Yemen) Regulations 2015
The Monetary Authority of Singapore issued these regulations pursuant to section 27A(1)(b) of the MAS Act to implement asset freezing requirements mandated by UN Security Council Resolutions concerning Yemen. The regulations impose compliance obligations on all financial institutions in Singapore, covering a broad spectrum of entities including banks, insurers, fund managers, and payment service providers. This legal framework ensures that designated persons and entities linked to Yemen are subject to asset freezes in accordance with international security mandates.
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