Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town branch of STBB. She is an admitted Attorney, Notary Public, Conveyancer and Insolvency Practitioner with many years of experience in the fields of property law, conveyancing and the laws relating to corporate compliance (especially in respect of the FICA and POPIA laws). Up until 2018 she was also head of the firm’s national marketing portfolio. She is a seasoned public speaker and presenter, both in person and online. She prepares text for the majority of STBB’s internal and external publications and is editor and co-writer for two pivotal publications in the South African real estate industry – the ABC of Conveyancing (JUTA) and Delport’s South African Property Law and Practice (JUTA).

Newsflash | Estate agents and the broader property practitioner group: must everyone now do FICA?

In terms of the Financial Intelligence Centre Act (‘FICA’), estate agents as they were defined in the (now repealed) Estate Agency Affairs Act, were designated as ‘accountable institutions’ and accordingly became obliged to comply with the FICA.

With the coming into operation of the Property Practitioners Act in February this year and the introduction of the term ‘property practitioner’, which represents many additional role players in the real estate industry other than estate agents, concerns arose whether these property practitioners must now also become compliant with the FICA.

On 14 November 2022, the Financial Intelligence Centre issued Public Compliance Communication 56 and a Consultation Feedback Note in respect thereof. The Centre clarifies that the position essentially remains as it was before and that only those who perform estate agent tasks, are required to comply with the FICA. They will in due course ensure that the FICA reflect the position more clearly.

Remember importantly, whether or not your business formally falls under the FICA, all businesses must report suspicious transactions to the FIC.

If you require assistance, please contact us on info@stbb.co.za or https://stbb.co.za.

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