Special Notice to Notaries: New Obligations Under Legal Notice 81/2021
The Use of Cash (Restriction) Regulations (LN81/2021) published earlier in March 2021 bring forth a new obligation through Article 7 of the same. This is applicable to all notaries in relation to information about all transactions (€10,000 or more) of concerning immoveable property and not only those paid by cash.
This obligation entered into force with immediate effect and any notary not maintaining a specific register of the details required at law shall be immediately deemed in breach of the Notarial Profession and Archives Act.
The details include:
- Buyer and Seller’s name, address, type of and number of official identification document, and the same in case of any person/s acting as agents for either;
And where applicable if a part- or whole payment is made through the following means respectively:
- Payment Account IBAN;
- Card Number and Issuing Institution;
- Cheque/Bank Draft Number and Credit/Financial Institution drawn;
- Method of Payment and Exact Amount Paid when paid through other methods or in kind.
Record-keeping obligations are outlined in Article 9 of the same law.