The Financial Intelligence Centre recently released a Notice on Targeted Financial Sanctions (TFS) List in accordance with Section 26A of the Financial Intelligence Centre Act, 2001.
The FIC Act prohibits any dealings with a person or an entity that has been identified pursuant to a resolution of the Security Council of the United Nations. The TFS list can be used to access information on persons and entities listed in resolutions by the Security Council of the United Nations.
Accountable Institutions are required to know the clients that they deal with and submit reports to the Financial Intelligence Centre (FIC) if the need arises. To determine if they are dealing with a person or entity on the TFS List, accountable institutions are required to scrutinise the information which they have regarding their clients and, if necessary, to report. Checking a prospective client against the most up-to-date list should form part of the due diligence process prior to making a decision to enter into a business relationship with a client. Accountable institutions must document this process in their Risk Management and Compliance Programme.
The FIC Notice on the Release of the TFS List also contains a link to the user guide on how to search the TFS list, as well as guidance notes on the reporting obligations.