Regulatory Alerts2016-06-16
Added
Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons – Iran) Regulations 2016
The Monetary Authority of Singapore issued these regulations pursuant to section 27A(1)(b) of the MAS Act to implement asset freezing requirements and prohibitions under UN Security Council Resolutions relating to Iran. The regulations mandate compliance from 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 regulated entities adhere to international sanctions obligations by freezing assets and prohibiting transactions with designated persons.
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