Implementation of the Know-Your-Beneficial Owner Principle by Corporations Finally Regulated

The government has finally issued Presidential Regulation No. 13 of 2018 on the Implementation of the Know-Your-Beneficial-Owner Principle by Corporations for the Prevention and Eradication of the Criminal Acts of Money Laundering and Terrorism Financing (“Regulation 13/2018”), which establishes a mechanism through which companies can implement the so-called Know-Your-Beneficial-Owner Principle (“Principle”) with the ultimate objective of eradicating and preventing any activities which are related to money laundering and/or terrorism financing.