In February 2025, the “Terrorism Suppression of Financing Act - National Sanctions” List was added to AEB's portfolio of restricted party lists. Should this list be relevant for your company, and you wish to include it into your AEB Compliance Screening software, the Singapore list can be licensed in addition to your already existing content.
What is the meaning of this restricted party list?
The list includes persons listed under point 2 of the First Schedule of the Terrorism (Suppression of Financing) Act, TSOFA. The entire ‘First Schedule’ generally consists of two points.
- Point 1 includes individuals and entities belonging to or associated with the Taliban List and ISIL (Da’esh) and Al-Qaida Sanctions List, and thus constitutes republished listings of the United Nations. Point 1 of the First Schedule is not part of the AEB list ‘Terrorism Suppression of Financing Act - National Sanctions’.
- Point 2 contains individuals subject to national sanctions imposed by the Republic of Singapore and introduced by the Terrorism (Suppression of Financing) Act (Amendment of First Schedule) Order 2015. All individuals listed under point 2 of the First Schedule are part of the AEB list ‘Terrorism Suppression of Financing Act’.
Against the listed persons financial sanctions, i.e. measures restricting capital and payments, have been imposed to combat terrorism. This means that all funds, other financial assets and economic resources of the listed persons are frozen, and they can no longer access and use their money. In addition, a prohibition on making funds available applies, i.e. no funds or economic resources may be made available to the listed persons or organisations, either directly or indirectly.
Persons who breach the TSOFA requirements will be liable, upon conviction, to a maximum fine of $500,000, and/or term of imprisonment up to 10 years.
The publisher of the list is the Monetary Authority of Singapore (MAS) and the original sanctions list can be found under the following link: Terrorism (Suppression of Financing) Act 2002 - Singapore Statutes Online
Which companies should screen against the “Terrorism Suppression of Financing Act - National Sanctions” List?
Screening against this list is relevant for companies subject to the law of the Republic of Singapore.
Do you need to license this list if you use third-party content in Compliance Screening?
If you screen your business partners against restricted party list content from third parties – such as Reguvis or Dow Jones – in your AEB Compliance Screening application, the Terrorism Suppression of Financing Act - National Sanctions” List may already be included in your content. In that case you do not need to license this list separately/additionally. For more information, please contact your content provider.
Efficient restricted party list screening – the “Terrorism Suppression of Financing Act - National Sanctions” List and more: How can AEB help?
The AEB Compliance Screening Module takes care of restricted party list screening against the Terrorism Suppression of Financing Act - National Sanctions” List and performs the screening automatically in the background – upon request also integrated into SAP®, Salesforce, Microsoft Dynamics 365, and other ERP and CRM systems. Please find an overview of AEB's available restricted party lists here.
- If you wish to include the “Terrorism Suppression of Financing Act - National Sanctions” List in your Compliance Screening, please request a non-binding quotation. Via the form, you can also contact a product expert.
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