FIC Updates Targeted Financial Sanctions List Following UNSC Resolutions

Posted 27 August 2026 Written by Acts Online
Category Compliance & FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has updated its Targeted Financial Sanctions (TFS) list following 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 (FIC Act), accountable institutions are legally required to scrutinise existing clients, prospective clients, and transactional counterparties against the consolidated TFS list.

The TFS list maintained by the FIC is an exact replica of the UNSC consolidated sanctions list and reflects identity details published via notices issued by the Director of the FIC. In accordance with operational procedures, the FIC updates the domestic TFS dataset within 24 hours of any amendment adopted by the UNSC.

Statutory Obligations for Accountable Institutions

  • Client Screening: Accountable institutions must continuously screen their client database and any prospective client prior to establishing a business relationship or conducting a single transaction.
  • Prohibition on Dealing: Under section 26B of the FIC Act, no person may directly or indirectly provide financial services, funds, or economic resources to, or for the benefit of, a sanctioned person or entity.
  • Asset Freezing: Institutions holding or controlling property belonging to a sanctioned individual or entity must immediately freeze such property and refrain from processing related transactions.
  • Reporting: Any match identified against the TFS list must be reported to the FIC in terms of section 28A of the FIC Act.

Accountable institutions and asset holders can access and search the consolidated records using the official search tools:

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

  • For yourself: Responsible compliance officers and designated practitioners must verify that operational screening processes reflect the latest UNSC updates immediately.
  • For your business: Accountable institutions must run updated automated or manual batch-screening runs against client databases, ensure automated transaction-blocking rules are active, and file section 28A reports with the FIC upon detecting any match.
  • For your clients: Clients engaging in cross-border commerce or international transactions risk immediate asset freezes and transaction termination if identified as, or transacting with, an entity designated under UNSC sanctions resolutions.

Originally published at https://accountingacademy.co.za/news/read/fic-tfs-list-updated-4

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