FIC: Targeted Financial Sanctions Manual 2026

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FIC: Targeted Financial Sanctions Manual 2026

• 09 November 2026
• Miscellaneous
• South African Accounting Academy

Summary:

The Financial Intelligence Centre (FIC) has updated and published the Targeted Financial Sanctions (TFS) Manual, to guide South African accountable institutions on complying with the Financial Intelligence Centre Act (FICA).

Article:

This updated manual provides guidance on sanctions compliance and reporting obligations under the FIC framework. 

Key Obligations under the FIC TFS Manual & Act:

• List Replication & Screening: The FIC maintains and updates South Africa's TFS list in line with the United Nations Security Council (UNSC) consolidated list within 24 hours. Accountable institutions must screen clients and prospective clients against this list at onboarding and on an ongoing basis.
• Asset Freezing & Prohibitions: Upon identifying a match, institutions must freeze assets immediately and prohibit providing financial services or transactions to designated persons or entities.
• Reporting Requirements:
  • File a Terrorist Property Report (TPR) under section 28A of the FIC Act within 5 days of freezing property.
  • File a Suspicious Transaction Report (STR) under section 29 within 15 working days via the FIC goAML Platform.
• Legal Penalties: Non-compliance with TFS obligations under sections 26A, 26B, and 26C of the FIC Act constitutes a criminal offence, and supervisory bodies can impose severe administrative sanctions (such as directives, financial penalties, or restriction of business activities).

Contents: 

1. About Targeted Financial Sanctions 
2. Targeted Financial Sanctions List 
3. Applications for Permitted Financial Services 
4. Application for Delisting 
5. Contact and Links 
6. Frequently Asked Questions 
7. Glossary of Terms  

Click here to download the 24-page Manual:

https://www.fic.gov.za/wp-content/uploads/2026/10/Targeted-financial-sanctions-manual-2026.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• The Financial Intelligence Centre Act (FICA) is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor and independent reviewer, you need to consider amendments, regulations, guidance and directives that are gazetted relating to FIC and accountable institutions, to ensure that your clients (or even your own practice) comply with their reporting obligations.
• As an Accountable Institution, you need to be up to date with all communication from FIC to ensure their compliance, or face administrative sanctions.

Relevance to Your clients:

• Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable. This includes TFS, as well as submitting other relevant report as required by FICA.
• Relevant entities should be aware of amendments, regulations, guidance and directives that are gazetted relating to FIC and accountable institutions, to ensure that they comply with their reporting obligations.

• All accountable institutions need to be up to date with all communication from FIC to ensure their compliance, or face administrative sanctions.

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