(1) A financial institution or a person, on being notified that an entity is no longer listed as a specified entity, shall, immediately—
(a) confirm whether it has frozen funds or other assets of the entity; and
(b) unfreeze the funds or other assets of the entity and reactivate the relevant accounts.
(2) A financial institution or a person shall, within 48 hours, submit notification to the entity that the assets are no longer subject to a prohibition and notify the Financial Intelligence Authority of the actions taken.
(Inserted by Act 8 of 2023)