Close This website uses modern features that are not supported by your browser. Click here for more information.
Please upgrade to a modern browser to view this website properly. Google Chrome Mozilla Firefox Opera Safari
Financial Services Intelligence Watch
Sub Menu
Search

Search

Filter
Filter
Filter
Filter
A A A

Link to Targeted Financial Sanctions page on the FIC website

Publish date: 12 April 2019
Issue Number: 66
Diary: CompliNEWS
Category: AML

The Targeted Financial Sanctions (TFS) List, developed by the Financial Intelligence Centre (FIC), contains the available identity particulars of persons and entities referred to in the Notice published by the Director. The FIC will maintain an updated TFS List on its website of any additions or deletions to the information as and when information to that effect is received from the United Nations Security Council.

The TFS measures restrict sanctioned persons and entities from having access to funds and property under their control and from receiving financial services in relation to such funds and property in accordance with s 26B of the FIC Act.

Sections in the Financial Intelligence Centre Act 38 of 2001 (FIC Act), relating to TFS, came into effect on 1 April 2019.

The FIC page contains information on TFS, the aim of TFS is to enforce the South African legal requirement for the implementation of TFS and applicable TFS regimes under the United Nations Security Council, Chapter V​II, Article 41 of the UN Charter.

Working Smart

By Lee Rossini

Nothing in life is static for long; change is always taking place around us in different forms and guises. Although we sometimes drive the changes ourselves, often they are imposed on us. New regulations, technologies, client demands, competitors; these are some of the reasons why a financial advice business must constantly update and re-engineer its strategies. While some business owners relish change, others fear and resent it. However, to be an effective business owner or manager, it is essential to recognise when change is desirable or at least inevitable although this does not necessarily mean that employees will feel the same way.  

CPD

Subscribers are reminded that they can now complete their monthly CPD quizzes and claim CPD hours. For more on accessing the CPD quizzes, please click on the CPD FAQs button on the top bar of the screen.