FIC: TFS list updated

FIC: TFS list updated

• 14 October 2025
• Money Laundering
• South African Accounting Academy

Summary:

The Financial Intelligence Centre (FIC) has confirmed that the United Nations Security Council (UNSC) has updated its Targeted Financial Sanctions (TFS) list. 

Article:

The Financial Intelligence Centre (FIC) hosts and maintains an updated list of proscribed persons and entities as identified by the resolutions of the United Nations Security Council (UNSC). The targeted financial sanctions (TFS) list on the FIC website reflects available identity details of persons and entities contained in notices published by the Director of the FIC. The list is updated within 24 hours of changes made by the UNSC.

The TFS list includes all persons and entities applicable to sections 26A, 26B and 26C of the FIC Act which refer to sanctions under a resolution by the UNSC and require accountable institutions to scrutinise their clients against the applicable list, to freeze assets and to ensure not to proceed with a transaction.

Obligations in terms of targeted financial sanctions​

• No person is allowed to transact with or process transactions for a sanctioned person or entity. 
• No financial services may be provided to the person or entity. 
• Accountable institutions should be mindful of the fact that failure to comply with TFS obligations is a criminal offence. 
• The only exception to this general prohibition is in specific instances where the Minister of Finance has permitted financial services or dealings with property.

It is important to note the TFS list is not a FIC or South African domestic sanctions list, but a replica of the original source, which is the UNSC consolidated list of targeted financial sanctions.

You can find possible matches on the TFS list via the online search tool. The tool is designed to assist accountable institutions or any asset holder in finding possible matches between their clients’ names and/or entities names on the TFS list. 

Click here to access the online TFS list:

https://www.fic.gov.za/targeted-financial-sanctions/ 

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 online inspection of the TFS list, as well as complying with TFS obligations 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.

0 COMMENTS

LEAVE A COMMENT