FIC – AN UPDATE TO THE TARGETED FINANCIAL SANCTIONS LIST HAS OCCURED

The FIC recently notified accountable institutions of the update to the list of companies named on the FATF list of known terrorists. The FIC’s screening database has also been updated and screening clients will occur against the updated records.

Must your business’ FICA Compliance Officer do anything?

1. Fortunately there were only two additions to the list, being the GENERAL BUREAU OF ATOMIC ENERGY (GBAE) and the ACADEMY OF NATIONAL DEFENCE SCIENCE in the Democratic People’s Republic of Korea. Therefore, if there is a chance or likelihood that either of these is an existing client of your business, you will have to investigate to make sure. Should it turn out that either of these companies is a client, you must notify the FIC immediately and terminate the business relationship.
2. If you are the business’ FICA Compliance Officer and did not receive the alert from the FIC, it may be stuck in your Junk Mail. Or, it can be because you have not updated your email address on your business’ profile on the goAML website, in which case it is prudent to do so as soon as possible.

Contact us for all your compliance enquiries and requirements at info@stbb.co.za.