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: