Overview
It is extremely important to comply with anti-money laundering laws in property transactions to ensure security and legality. From the beginning of the transaction, all parties involved, including notaries and agents, must provide detailed information to meet legal obligations. According to legal notices, including Legal Notice 180/2008, notaries are required to strictly follow customer due diligence (CDD) and anti-money laundering (AML) protocols.
Identification and Verification
The law requires notaries and other participants in the transaction to obtain sufficient evidence of the identity of the parties and their associates. Property transactions can be exploited by criminals to launder their illegal profits, making it essential for all parties to present identification documents, such as an ID card, passport, or driver’s license. Proof of permanent residence, such as a recent utility bill, may also be required.
Funds Transfer
It is advisable that all financial transfers are made to the notary’s designated account via personal internet banking, SWIFT transfer, or bank check. Personal checks may be accepted at the notary’s discretion. The notary may require information about the source of the funds and request the necessary documentation. If a payment is made by a third party (e.g., a relative or partner), the notary must apply the same procedures to that individual as well.
Forms and Documentation
Regulatory authorities are required by law to maintain records of the procedures performed; therefore, they provide all parties with forms to collect the necessary information simultaneously. The notary may require additional information or documentation if it is relevant to the specific transaction. All information and documentation obtained in the course of fulfilling these obligations are strictly confidential.
Conclusion
It is the responsibility of the notary and other participants in the transaction to strictly adhere to customer identification and anti-money laundering laws to prevent illegal activities and ensure transparency in the transaction. This includes verifying the identity of the parties, checking the source of funds, and collecting additional documentation, all of which must remain confidential. Monoro helps you navigate the entire process securely and reliably while complying with all legal requirements.
Reg: 14997267
Monoro Group is an expert in real estate services and exclusive investment opportunities in key regions of Italy, Monaco, and Malta.
