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 | News from the FIC – and is the community not growing?

Accountable institutions would all have received a Media Release from the FIC earlier this week, dated 4 December 2023. It served mainly as a reminder of sanctions that may follow on non-compliance and that, should non-compliance in a specific instance also constitute a criminal offence, the matter will be referred to our criminal justice system.

Generally, law firms, estate agencies, banks, money remitters, financial services providers, casinos and the other businesses defined as “accountable institutions”, had spent many hours this year gearing up towards compliance: Drafting RMCP’s, submitting reports, ensuring training of staff, preparing for FIC inspections, and more.

Figures provided in the media release reflect some of this activity. Below, we have compared it with the figures provided a year ago, to put it into context. Note that the 2022/2023 figures relate to the year ending 31 March 2023 and it is therefore likely that the changes reflecting this year’s intense activity on the FICA compliance front, will be spotted in the FIC’s 2023/2024 year report.

  2021/2022 2022/2023
Total institutions registered 45 555 45 392
Cash threshold reports ˃4.5 million ˃4.2 million
Suspicious and unusual transaction reports received 533 277 558 348
Value of suspected criminal proceeds frozen 204 million 92.2 million
Value of proceeds of crime recovered in which the FIC’s financial intelligence was used ˃5,1 billion ˃5,82 billion

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

For the best legal advice and personalised service, let's talk
Subscribe to our monthly newsletters, subscribe