The Know-Your-Customer Principle for Notaries

The Ministry of Law and Human Rights (“Ministry”) has issued Regulation No. 9 of 2017 on the Implementation of the Know-Your-Customer Principle by Notaries (“Regulation 9/2017”), with the ultimate objective of preventing and eradicating all activity relating to money laundering and the funding of terrorism.[1]

Regulation 9/2017 essentially comprises a comprehensive set of guidelines which are to be observed by notaries in implementing the Know-Your-Customer (“KYC”) principles. These guidelines specifically address the following matters: