FIC: TFS list updated

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FIC: TFS list updated

• 23 April 2026
• Miscellaneous
• South African Accounting Academy

Summary:
The Financial Intelligence Centre (FIC) has confirmed that the United Nations Security Council (UNSC) has recently updated its Targeted Financial Sanctions (TFS) list twice over the span of 2 days. 

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. This list was last updated in March 2026.

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.

Businesses are encouraged to:

• Subscribe to automated notification e-mail at https://tfs.fic.gov.za/Pages/Subscriptions 
• Screen clients against TFS List: Accountable institutions must determine whether they have a sanctioned person or entity as a client or whether a prospective client is a sanctioned person or entity. Screening against the relevant sanctions lists should be done during the client onboarding process, on an ongoing basis and when the UNSC adopts new TFS measures or expands existing ones – including adopting a new sanction regime under Chapter VII of the UNSC.
• Freeze assets: Any person or entity is strictly prohibited from dealing with property that is associated with acts of terrorism, with persons or organisations that carry out acts of terrorism or with sanctioned persons. Once a person or business has filed a report to the FIC relating to a person or entity on the TFS list, they must freeze the property and cease to conduct business with the entity in question.
• TFS Reporting Obligations: If a business or an accountable institution suspect that their client may be a positive match, they must file a suspicious or unusual transaction report and/or a terrorist property report with the FIC. All South African citizens have responsibilities regarding TFS obligations. These are outlined in sections 26A, 26B and 26C of the FIC Act. Accountable institutions and other persons must report to the FIC property in their possession or under their control which is owned or controlled by or on behalf of a person or an entity identified in the sanctions list. Accountable institutions and any other person or entity wishing to report to the FIC must first register with the FIC before they can report. Persons or entities that are not listed as accountable institutions can contact the FIC compliance centre on +27 12 641 6000 or log an online compliance query https://www.fic.gov.za/compliance-queries/ .

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.

Possible matches on the TFS list can be identified or found 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/ or https://tfs.fic.gov.za/ 

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.

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