Annual Financial Statements
FSPs with a financial year-end of 30 June who had to submit their AFS by 31 October 2020 but relied on the 4-month extension granted by the FSCA, must submit their AFS by 28 February 2021. FSPs that are required to submit Annexure A (FAIS Notice 82 of 2015) together with their Annual Financial Statements are reminded to do so. To read more on the FSCA extensions regarding AFS, click here.
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.