In November 2018, the Financial Investigation Unit (Unidad de Investigaciones Financieras) issued a resolution (Administrative Resolution No. UIF/084/2018) establishing that public notaries are now subject to reporting obligations under anti-money laundering regulations with regard to services provided in connection with (1) the purchase and sale of real estate and movable goods subject to registry; and (2) the constitution, modification and dissolution of corporate entities. In connection with these obligations, public notaries must identify the ultimate beneficiary of the service and verify its identify prior to providing the notarial service.
In addition, public notaries must confirm that their employees and clients are not included in the (1) UN Security Council lists of persons involved in terrorist activities, terrorism financing or financing of the proliferation of weapons of mass destruction; (2) Lists of the Financial Action Task Force of jurisdictions not cooperative in the fight against money laundering and terrorism financing; (3) OECD lists of tax haven jurisdictions or jurisdictions not committed to the standards of transparency and the exchange of tax information; (4) other similar internationally recognized lists. Transactions that must be reported as suspicious include: (a) the massive acquisition of real estate without apparent purpose; (b) successive purchase-sale transactions of real estate in a short time frame; (c) the purchase of high-value real estate by persons without apparent economic capacity to make the purchase, (d) the formation of corporate entities with names similar to well-established entities, and (e) the formation of various corporate entities with the same owners within a short timeframe.