MAS gives effect to targeted financial sanctions under the United Nations Security Council Resolutions through: (i) the Financial Services and Markets Regulations issued pursuant to section 192, read with sections 15(1)(b) and 219(d), of the Financial Services and Markets Act 2022 (FSM Regulations); and (ii) the Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020 issued pursuant to section 83(1)(b) of the Variable Capital Companies Act 2018 (VCC Regulations). The FSM Regulations and the VCC Regulations apply respectively to all financial institutions and variable capital companies in Singapore.