Daily Compliance Brief — Swiss Asset Freeze and Singapore AML Enforcement Uptick

January 13, 2026

Signal

On 5 January 2026, the Swiss Federal Council invoked its Foreign Illicit Assets Act to freeze any assets held within Swiss jurisdiction by former Venezuelan President Nicolás Maduro and associated politically exposed persons (PEPs), effective immediately and set to remain in force for four years. The measure aims to prevent disposition of assets that could be subject to future mutual legal assistance proceedings and complements sanctions Switzerland has maintained against Venezuela since 2018, though details on specific asset holdings have not been disclosed. This asset freeze is precautionary and independent of determinations on the legality of Maduro’s removal from power.

Separately, enforcement activity in Singapore’s financial sector showed a marked rise in AML and counter-financing of terrorism (CFT) fines in 2025, with penalties levied by the Monetary Authority of Singapore increasing by an estimated 579 percent year-on-year, reflecting heightened supervisory scrutiny of KYC, AML and sanctions breaches across financial institutions and related entities. This diverges from broader global trends where total financial crime fines contracted overall.

Why it matters

The Swiss asset freeze imposes immediate compliance obligations on Swiss financial institutions and custodians to identify, block and report any holdings connected to the named individuals under Swiss AML reporting protocols and to align internal sanctions screening with the Federal Act’s requirements. Institutions should ensure that transaction monitoring and blocking systems reflect the scope of the freeze and that suspicious activity reports are filed where applicable. The freeze’s longevity (four years) suggests a sustained risk horizon for sanctions exposure and intergovernmental cooperation cases involving Venezuelan assets.

In Singapore, the sharp uptick in AML/CFT fines signals increased regulatory prioritisation of financial crime controls, particularly around KYC and sanctions compliance in private banking and related sectors. Compliance teams with operations or counterparty exposure in Singapore should reassess risk-based monitoring controls, sanctions screening precision and governance frameworks against the MAS’s enforcement focus. Elevated penalties underscore the operational and reputational risks of control weaknesses and the importance of proactive remediation and documentation of compliance enhancements.