Compliance with Targeted Financial Sanctions under Singapore AML Regulations
Compliance with Targeted Financial Sanctions under Singapore AML Regulations
As per Singapore’s AML/CFT regulations, regulated entities must comply with the targeted financial sanction regime.
Various local and international authorities issue specific targeted financial sanctions.
Starting with the sanctions issued by the United Nations Security Council Committee, the regulated entities need to comply with:
- Da’esh and Al Qaida Sanctions List
- UN Taliban List
Besides that, the regulated entities need to ensure compliance with the Terrorism (Suppression of Financing) Act. According to this act, the regulated entities are required to screen their customers, suppliers, beneficial owners, etc.
In this video, we’ll discuss all the necessary sanctions and the measures regulated entities need to take accordingly.
The video also provides information regarding the consequences of associating or creating a business relationship with the sanctioned person and not compliance. It can lead to hefty penalties and even imprisonment.
Therefore, your AML compliance program must have robust TFS and screening.
Chapters
- 0:00 Introduction on Compliance with Targeted Financial Sanctions under Singapore AML Regulations
- 0:24 What are the UNSC and domestic designations in Singapore’s AML regulations?
- 1:12 What points are included in the Targeted Financial Sanctions?
- 1:47 Why do the regulated entities report to the Commissioner of Police by filing an STR?
- 2:14 What are the consequences of non-compliance in Singapore?
- 2:37 Short brief on Compliance with Targeted Financial Sanctions under Singapore AML Regulations
- 3:02 Conclusion and regards