Friday, March 09, 2018

Issue Number: 3322

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.   In order to achieve this goal, Regulation 15/2018 sets out several provisions which address the following matters:   Determination of beneficial owners (“BO”); Implementation of the Principle; Supervision; Exchanges of Information; and Sanction....

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