Technical Procedures on the Implementation of the Know-Your-Beneficial-Owner Principle Finally Introduced

In bid to further clarify provisions pertaining to the Know-Your-Beneficial-Owner (“ KYBO ”) principle, as addressed under the Regulation of the President 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 ”), [1] the Minister of Law and Human Rights (“ Minister ”) has issued Regulation No. 15 of 2019 on Implementing Procedures for the Application of the Know-Your-Beneficial-Owner Principle by Corporations (“ Regulation 15/2019 ”).