Monetary Authority of Singapore Act |
Monetary Authority of Singapore (Sanctions And Freezing of Assets of Persons — Iran) Regulations 2007 |
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Citation and commencement |
1. These Regulations may be cited as the Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons — Iran) Regulations 2007 and shall come into operation on 7th March 2007. [S 421/2010 wef 06/08/2010] |
Object |
2. The object of these Regulations is to assist in giving effect to Resolutions 1737 (2006), 1747(2007), 1803 (2008) and 1929(2010) of the Security Council of the United Nations. [S 267/2008 wef 23/05/2008] [S 421/2010 wef 06/08/2010] |
Application |
3. These Regulations shall apply to all financial institutions in Singapore. |
Definitions |
Assets of certain persons to be frozen |
5.—(1) Subject to paragraph (3), any financial institution that, on or after 7th March 2007, has in its possession, custody or control in Singapore, any funds, financial assets or economic resources owned or controlled, directly or indirectly, by any designated person shall —
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Prohibition against provision of financial assistance, services, etc. |
6. Unless permitted under paragraph 9 of Resolution 1737 (2006), no financial institution in Singapore shall —
[S 267/2008 wef 23/05/2008] |
Duty to provide information |
7. Every financial institution which —
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Prohibition against provision of financial services |
8.—(1) No financial institution shall —
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Duty to exercise vigilance |
9.—(1) Every financial institution shall exercise vigilance when doing business with any prohibited person, where the financial institution has information that provides reasonable grounds to believe that such business could —
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Prohibition against opening subsidiary, representative office, etc. |
10. No financial institution shall —
[S 421/2010 wef 06/08/2010] |
Managing Director, Monetary Authority of Singapore. |
[FSG.SLS.1/2002; AG/LEG/SL/186/2005/1 Vol. 1] |