CUSTOMER DUE DILIGENCE PROTOCOLS & ANTI-MONEY LAUNDERING OBLIGATIONS
At the outset of a new transaction, the transacting parties including the Notary and Agent 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 and other parties involved in the transaction to obtain satisfactory evidence of the identity of the parties and sometimes people related to them. This is because particular transactions involving real estate may be used as a vehicle by criminals in order to legitimise their illicit gains. Identity evidence including copies of certain documents for identification purposes may be requested. It is therefore important that one presents himself with an identification document (identity card, passport, driving licence, etc). The authority may also require a confirmation of a 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 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 responsible bodies are 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 are strictly confidential.Customer Due Diligence Protocols & Anti-Money Laundering Obligations.
Disclaimer: This information has been referenced from the Notarial Website (https://www.notariesofmalta.org/).While the Notarial Council endeavours to present the most current information, please consult a notary, legal or tax professional for legal advice.