FIC Updates Targeted Financial Sanctions List [8df7ed]

Posted 14 October 2025 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has updated the Targeted Financial Sanctions (TFS) list to reflect recent amendments made by the United Nations Security Council (UNSC).

In terms of sections 26A, 26B, and 26C of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the FIC maintains a consolidated list of proscribed persons and entities. This list is a direct replica of the UNSC consolidated list and is updated within 24 hours of any changes made by the UNSC. The TFS list reflects the identity details of individuals and entities as published in notices by the Director of the FIC.

Accountable institutions are required to comply with the following statutory obligations under FICA:

  • Scrutinise client records and potential clients against the updated TFS list to identify any matches;
  • Freeze all funds and other assets belonging to, or controlled by, a person or entity appearing on the list; and
  • Ensure that no transactions are processed and no financial services are provided to or for the benefit of a sanctioned person or entity.

The FIC provides an online search tool to assist asset holders and accountable institutions in identifying possible matches between client names and the TFS list. Access to the tool and the current list is available via the FIC website.

Click here to access the FIC Targeted Financial Sanctions Search Tool.

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; impact is channelled through firm-level compliance and the professional duty to report suspicious activities.
  • For your business: Accountable institutions must ensure their screening software or manual processes are synchronised with the latest FIC data to avoid the criminal liability associated with dealing with sanctioned entities under section 26B of the Financial Intelligence Centre Act, No. 38 of 2001.
  • For your clients: Any client found to be a match on the TFS list must be subject to an immediate asset freeze, and the institution must file a report with the FIC while ceasing all business activity with that client.

Originally published at https://accountingacademy.co.za/news/read/fic-tfs-list-updated

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