The Supreme Court of Justice, through the National Council of Administration and Judicial Career, approved Resolution No. 451, "Regulations for the Prevention, Detection and Reporting of Activities Potentially Linked to Money Laundering, Financing of Terrorism and the Proliferation of Weapons of Mass Destruction and Offences Associated with Money Laundering, for Lawyers and Notaries Public of the Republic of Nicaragua, Regulated and Supervised by the Judiciary" (hereinafter the "Regulations"), in compliance with the provisions of Articles 8 and 10 of Act 976, the Financial Analysis Unit Act and 9 of Act 977, the Anti-Money Laundering Act.
This regulation shall apply to Lawyers and Public Notaries, who perform or intervene in any of the following activities:
- Buying and selling real estate.
- Customer money, securities or other assets.
- Management of savings or securities bank accounts.
- Organization of contributions for the creation, operation or administration of companies.
- Creation, operation or administration of legal entities or other legal structures. And buying and selling commercial entities.
This Regulation stipulates that Public Attorneys and Notaries must register with the Information and Prevention Centralization Directorate (DCIP), and in turn, must conduct a Due Diligence process to identify natural or legal persons before offering services, reporting unusual and suspicious operations, and the obligation to verify the source of the funds.
In addition, Lawyers and Public Notaries will be required to conduct a risk assessment every two years, create a risk prevention program, their own policies and procedures, and fill out pre-established formats, such as the so-called comprehensive profile of the to record identifying information and customer behavior.
The Regulations also establish:
- Creation of a monitoring list provided by the authorities containing persons prosecuted, convicted, investigated or suspected of asset laundering, terrorism, among other illegal activities.
- Specification of circumstances in which providing services is prohibited.
- Obligation to identify final beneficiaries.
- Creation of analysis dossiers that must be kept by those bound in unusual operations.
The purpose of the provisions of these Regulations is to verify and identify the natural and legal persons with whom Lawyers and Notaries Public establish and maintain or attempt to establish business or service relationships.