{"id":2667,"date":"2026-02-24T15:45:52","date_gmt":"2026-02-24T07:45:52","guid":{"rendered":"https:\/\/ehluar.com\/main\/?p=2667"},"modified":"2026-03-12T15:55:23","modified_gmt":"2026-03-12T07:55:23","slug":"update-to-the-terrorist-financing-alert-list-and-compliance-obligations-under-the-tsofa","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2026\/02\/24\/update-to-the-terrorist-financing-alert-list-and-compliance-obligations-under-the-tsofa\/","title":{"rendered":"Update to the Terrorist Financing Alert List and Compliance Obligations under the TSOFA"},"content":{"rendered":"<p>The <span data-olk-copy-source=\"MessageBody\">Accounting and Corporate Regulatory Authority<\/span> has issued a Revised Alert List of Persons Involved in Terrorism or Terrorism Financing Activities on 24 December 2025.\u00a0The purpose of this circular is to inform all accountants that the Alert List of persons involved in terrorism or terrorism financing (TF) activities, dated 18 July 2025, has been cancelled and replaced. Effective from 23 December 2025, this revised Alert List must be adopted for all client and transaction screening processes.<\/p>\n<p class=\"ds-markdown-paragraph\"><strong>Legislative Context and Prohibitions<\/strong><br \/>\nThis directive is issued pursuant to the Terrorism (Suppression of Financing) Act 2002 (Cap. 325) (TSOFA). Accountants are reminded that the definition of a &#8220;terrorist&#8221; is broad, encompassing those who commit, attempt, or facilitate terrorist acts, including individuals listed in the First Schedule of the TSOFA, as updated on 18 July 2025. The TSOF Act explicitly prohibits any person from dealing with or providing property or financial services to or for the benefit of a terrorist.<\/p>\n<p class=\"ds-markdown-paragraph\"><strong>Professional Obligations and Practical Compliance<\/strong><br \/>\nIn accordance with Section 6 of the TSOFA, upon identifying a match (&#8220;hit&#8221;) against the revised Alert List or the TSOFA First Schedule, accountants have an immediate legal duty to:<\/p>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>Freeze Assets:<\/strong> Immediately freeze any assets, accounts, or funds related to the designated person.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>File a Suspicious Transaction Report (STR):<\/strong> Promptly disclose the information to the Commissioner of Police via a Suspicious Transaction Report (STR) filed with the Suspicious Transaction Reporting Office (STRO).<\/p>\n<\/li>\n<\/ul>\n<p class=\"ds-markdown-paragraph\">As part of a firm\u2019s risk mitigation framework, processes must extend beyond direct matches. Accountants should conduct enhanced due diligence to identify close associates and relatives of designated persons. Where risks are identified, filing a STR or adopting enhanced measures is mandatory. This is particularly relevant in complex corporate structures or family offices where beneficial ownership may be obscured .<\/p>\n<p class=\"ds-markdown-paragraph\"><strong>Sanctions and Penalties<\/strong><br \/>\nNon-compliance with the TSOFA carries severe penalties. Upon conviction, individuals face a maximum fine of S$500,000 and\/or up to 10 years imprisonment. For bodies corporate, the fine is up to S$1,000,000 or twice the value of the property involved, whichever is higher.<\/p>\n<p class=\"ds-markdown-paragraph\"><strong>Data Management and Confidentiality<\/strong><br \/>\nThe enclosed revised Alert List is strictly confidential. It may be shared internally only to the extent necessary to facilitate compliance and screening. Adequate safeguards must be maintained to prevent unauthorized use or disclosure of the list.\u00a0\u00a0This Alert List is not exhaustive. Accountants should refer to the Singapore Statutes Online website for the official First Schedule of the TSOFA.<\/p>\n<p class=\"ds-markdown-paragraph\">For real-time updates on targeted financial sanctions, including United Nations Security Council designations, practitioners are strongly encouraged to subscribe to the MAS AML mailing list.<\/p>\n<p class=\"ds-markdown-paragraph\"><strong>Source:<\/strong> <em>ACRA, 24 December 2025<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Accounting and Corporate Regulatory Authority has issued a Revised Alert List of Persons Involved in Terrorism or Terrorism Financing Activities on 24 December 2025.\u00a0The purpose of this circular is to inform all accountants that the Alert List of persons involved in terrorism or terrorism financing (TF) activities, dated 18 July 2025, has been cancelled [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,13,12,8,6],"tags":[],"class_list":["post-2667","post","type-post","status-publish","format-standard","hentry","category-accounting","category-auditing","category-company-law","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=2667"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2667\/revisions"}],"predecessor-version":[{"id":2668,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2667\/revisions\/2668"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=2667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=2667"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=2667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}