From CompliNEWS | Financial Service Intelligence Watch
FIC: Updates to the Targeted Financial Sanctions list
In an ever-evolving financial landscape, keeping abreast of regulatory changes is paramount. In a significant development, the Financial Intelligence Centre (FIC) has announced amendments to the Targeted Financial Sanctions (TFS) list, a critical tool in the global fight against financial crimes. The recent update, dated 6 January 2024, includes modifications to the details of several individuals and entities. The changes are detailed in a series of documents, such as ‘NOTICE NO TFS-529-06/01/2024’ and ‘NOTICE NO TFS-534-06/01/2024’, each signifying a specific alteration in the list.
This TFS list is a dynamic tool used to identify individuals and entities subjected to sanctions, crucial for institutions and businesses to comply with the Financial Intelligence Centre Act 38 of 2001. These sanctions are a vital part of the global effort to prevent financial crimes like money laundering and terrorism financing.
The FIC has also provided direct links to access the most current version of the TFS list and for direct access to the list on the FIC website. This accessibility ensures that compliance teams, financial institutions, and other relevant entities can easily obtain the latest information, maintaining their regulatory compliance.
The updated TFS list is more than just a regulatory requirement; it’s a cornerstone in the integrity of the financial system. Compliance with these updates is not optional but a crucial aspect of operational integrity for financial institutions. The FIC’s disclaimer underscores the responsibility of users to refer to these updates, emphasising that the use of the TFS list and software does not diminish the need for thorough examination of official notices.
View the most recent version of the TFS list on the FIC website