Customer Due Diligence Protocols & Anti-Money Laundering Obligations

At the outset of a new transaction the Notary will require some detailed information from all the parties which is either obligatory or deemed necessary for the proper discharge of particular obligations. In terms of Legal Notice 180/2008 the Notary is a Subject Person and is legally bound to ensure that proper Customer Due Diligence (CDD) and Anti-Money Laundering (AML) procedures are followed through.

Identification and Verification

The Law requires Notaries to obtain satisfactory evidence of the identity of the parties and sometimes people related to them. This is because particular transactions involving a Notary may be used as a vehicle by criminals in order to legitimise their illicit gains. In this regard, the Notary will ask for evidence of your identity as soon as possible upon your first meeting and will make copies of certain documents for identification purposes. It is therefore important to present yourself with an identification document (identity card, passport, driving licence, etc). The Notary may also require a confirmation of your permanent residence by means of additional documentation, such as a recent utility bill.

Remittance of Funds

It is strongly advised that all funds transferred to the Notary’s designated account are made either through personal internet banking, a SWIFT transfer or a Bankers’ Draft. Personal cheques will be accepted at the Notary’s discretion. Some information about the source of such funds is required and the Notary may ask for any documentary evidence deemed necessary. Should any part of a payment be made by a third party (a relative, a partner, etc) the Notary is required to carry out the same procedures on him or her.

Forms and Documentation

The Notary is obliged by Law to keep a record of the procedures undertaken and will thus hand out specific forms to be filled in by all the parties in order to collect as much information as possible at one go. The Notary may also require any additional information or documentation deemed necessary in the context of the particular transaction. All the information and documentation obtained in the course of the discharge of these obligations is striclty confidential.

It is important to note that notwithstanding any engagement instructions, the Notary can reserve the right not to provide the services required if any requirements are not satisfactorily met by the information and assistance supplied.