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 | International fund transfers and FICA: Who must comply?

As you are aware, many changes to the FIC Act are being implemented in South Africa’s efforts not to be grey-listed.

New regulations regarding reporting obligations in respect of international fund transfers in excess of R19 999 become operative today. Note that the obligation to report international fund transfer transactions in terms of section 31 of the FIC Act will only apply to accountable Institutions that fall within the scope of Items 6, 12 and 19 of Schedule 1 to the FIC Act. These are institutions that are authorised in terms of the regulations under the Currency and Exchanges Act to conduct authorised transactions.

In effect, the requirement to report international fund transfers in excess of R19 999 refers only to the following institutions:

  • Authorised Dealers;
  • Authorised Dealers with limited authority;
  • A category of financial services providers that have a direct reporting dispensation under the Exchange Control Regulations; and
  • The Post Office.

This excludes estate agencies and attorney firms, amongst others.

Contact STBB should you require any further assistance.

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