FIC Issues Updated Targeted Financial Sanctions Manual

Posted 09 November 2026 Written by Acts Online
Category Anti-Money Laundering & FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has updated and published its Targeted Financial Sanctions (TFS) Manual to provide operational guidance for accountable institutions on adhering to the Financial Intelligence Centre Act, No. 38 of 2001 (FICA).

Under sections 26A, 26B, and 28A of the Financial Intelligence Centre Act, No. 38 of 2001, South African accountable institutions are subject to strict statutory requirements regarding persons and entities identified on the United Nations Security Council (UNSC) targeted financial sanctions lists. The updated manual clarifies the administrative and technical measures entities must embed within their compliance architecture to satisfy regulatory inspection standards.

Key Compliance and Screening Directives

The manual highlights several statutory obligations that accountable institutions must implement on an ongoing basis:

  • Mandatory sanctions screening: Institutions must continuously screen existing clients, prospective clients, and beneficial owners against the consolidated TFS lists published on the FIC website pursuant to section 26A.
  • Prohibition on dealing: Under section 26B, it is an offence to directly or indirectly make property, financial services, or economic resources available to, or for the benefit of, a sanctioned individual or entity.
  • Asset freezing mechanisms: Where a match is confirmed, an accountable institution must immediately freeze the relevant property or funds without prior notification to the affected party.
  • Section 28A reporting: Under section 28A of FICA, accountable institutions must submit a report to the FIC via the goAML portal without delay if they hold or control property belonging to a sanctioned person or entity, or if an attempt was made to transact.
  • RMCP integration: Accountable institutions must document explicit sanctions screening and escalation procedures in their Risk Management and Compliance Programme (RMCP) required under section 42.

Click here to download the FIC Targeted Financial Sanctions Manual 2026.

What this means for you, your business, or your clients

  • For yourself: Ensure your professional certifications and operational screening workflows align with the updated TFS guidance when executing compliance reviews or signing off on client onboarding files.
  • For your business: Update your firm’s Risk Management and Compliance Programme (RMCP) to include automated or documented manual TFS list verification protocols, and verify that staff are trained to file section 28A reports immediately via goAML upon a positive match.
  • For your clients: Advise clients registered as accountable institutions to conduct remediation audits on their client and vendor databases to verify whether beneficial ownership screening against the latest UNSC sanctions lists has been executed and logged.

Originally published at https://accountingacademy.co.za/news/read/fic-targeted-financial-sanctions-manual-2026

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