Horizon Compliance
  • Home
  • About
  • Training
  • Store
  • Client Portal
  • Blog
  • Contact

Compliance 

and other interesting stuff

FICA and Russian Sanctions

3/31/2022

0 Comments

 
Picture
By now it is old news that many of Russia's Politically Exposed Persons, entities and Prominent Influential Persons have been sanctioned. In terms of FICA, you may not deal with any sanctioned person and this may also be a reportable activity if any financial transactions are attempted.

This is just a reminder that all FSP's must check if their clients are sanctioned at onboarding stage (and keep proof of this) and whenever you are updating FICA information in line with the client risk rating being low medium or high.

If you are not using AML software to onboard clients you can search for sanctioned persons and entities on the following websites. The links work as a time of publishing this blog post.

The OFAC sanctions list is most up to date and works best:
https://sanctionssearch.ofac.treas.gov/

The FIC search function exists but in my opinion is not 100% reliable and has some bug (for instance, it does not return results if all information is not entered):
https://www.fic.gov.za/International/sanctions/SitePages/Home.aspx
0 Comments

    by: Horizon Compliance team

    Compliance Experts

    Archives

    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    September 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    October 2020
    August 2020
    July 2020
    June 2020
    April 2020
    March 2020
    January 2020
    November 2019
    August 2019
    July 2019
    May 2019
    March 2019
    February 2019
    November 2018
    October 2018
    August 2018
    June 2018
    April 2018
    February 2018
    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017

    Categories

    All
    AML
    Code Of Conduct
    COFI
    Coronavirus
    COVID 19
    COVID-19
    Crypto
    FAIS
    FICA
    Financial
    Fintech
    FSB
    FSCA
    PAIA
    POPI
    Property Syndication
    Regtech
    Regulators
    THRESHOLDS
    Training

    RSS Feed

Picture
Copyright © Horizon Compliance (Pty) Ltd 2014-2021

See our Privacy Statement here and our PAIA Manual Policy here. The material and information contained on this website is for general information purposes only. You should not rely upon the material or information on the website as a basis for making any business, legal or any other decisions. Whilst we endeavour to keep the information up to date and correct, Horizon makes no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services or related graphics contained on the website for any purpose. Any reliance you place on such material is therefore strictly at your own risk. Horizon will not be liable for any false, inaccurate, inappropriate or incomplete information presented on the website.

  • Home
  • About
  • Training
  • Store
  • Client Portal
  • Blog
  • Contact