Restricted Entries in SmartLists

SUGGESTED

I've made some Custom Fields Required and Created a Smartlist for these fields.  I've selected that the entries be restricted to what is in the Smartlist.  However, when I do a Custom Import to update the assets, when I put something that isn't in the Smartlist in the Customer Field and import, it says all records are valid and allows the import to go through with an entry that is not in the Smartlist.  Does the restrict entry only work if you manually add assets, and not work if you are importing new assets, or updating existing assets?