Liquidity Calculation Declaration
FSPs that are required to maintain liquid assets and whose financial year end was 31 December 2019, are required to submit Form A: Liquidity Calculation (Annexure six of BN 194 of 2017) to the FSCA by 14 February 2020.
Juristic Reps that are required to maintain liquid assets and whose financial year end was 31 December 2019, are required to submit Form A: Liquidity Calculation (Annexure six of BN 194 of 2017) to its FSP by 14 February 2020.
Screen clients against the TFS list
Accountable institutions are reminded to screen clients and prospective clients against the relevant Targeted Financial Sanctions (TFS) lists which are published on the Financial Intelligence Centre’s (FIC) website. Screening should be done during the client take on process (onboarding) as well as subsequently as and when the United Nations Security Council (UNSC) adopts new TFS measures or expand existing ones.
The FIC Act requires accountable institutions to review their clients against the applicable list, to freeze assets and to ensure not to proceed with a transaction where a client is in fact found to be on the list. Accountable institutions are also reminded to update your RMCP with the TFS process followed in your business.