The role of the notary, frankly, goes far beyond signing documents: it is a fundamental player in protecting the integrity of the financial system. Law 10/2010 places it directly at the front line of defense against money laundering and terrorist financing, assigning it responsibilities that cannot be taken lightly.
Key Obligations of the Notary:
- Rigorous Identification
There is no room for error. The notary must accurately verify the identity of all natural or legal persons involved. If someone is not correctly identified, the transaction simply cannot proceed.
- Detecting the Beneficial Owner
It is not enough to simply skim the surface here. The notary has the obligation to identify who truly controls the company—anyone with more than 25% of the capital or voting rights—and to collaborate with the Beneficial Ownership Database so that no relevant details are missed.
- Purpose and nature of the transaction
It's not just about signing, but also about thoroughly understanding the purpose of each transaction and ensuring that the transaction's characteristics make sense.
- Continuous monitoring
Follow-up is key. The notary must ensure that the movements of funds and transactions are consistent with the client's profile and usual activity.
- Additional measures in risk situations
When the transaction involves greater risks—for example, due to the presence of politically exposed persons or ties to sensitive countries—the notary must employ reinforced controls. This includes more thorough scrutiny, immediately informing SEPBLAC of any suspicions, and retaining all relevant documentation for at least ten years. In addition, the notary must have internal manuals and protocols that ensure proper risk management and regulatory compliance.
- Supervision of deposit transactions
In the creation of deposits, especially those with significant amounts or risk factors, the notary reinforces his or her responsibility: he or she verifies the origin and destination of the funds, confirms the identity of depositors and beneficiaries, and analyzes the consistency of the transaction with the client's profile.
