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).

Thought of the Week | The FIC centre, estate agents and interesting statistics

The FIC has just released its March 2022 Assessment of the inherent money laundering and terrorist financing risks: REAL ESTATE SECTOR.

We suggest that you read the report in full. Some core findings are:

  1. Some 6910 cash threshold reports were made to the FIC since 2016. Clearly people still use cash in excess of R25 000 to make deposits and other payments to estate agents. Oddly, only 95 reports of suspicious transactions were received in this time.
  2. At par 6.1.3 onwards, the FIC states that:
    • method of payment; and
    • deal value

    could be triggers to identify money laundering. Keep watch of these in your transactions. Also refer to par 6.2 where the FIC highlights that complex ownership structures may point to untoward dealings requiring your oversight.

  3. Further, from 6.2.2 to 6.3.3, potential warning lights are identified.

It may be necessary for you to update your RMCP (Risk Management and Compliance Program) in light of the content of the report.

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