Professional ethics, deontology and notarial status
Professional ethics, deontology and notarial status
The exam tests the status of the notary and the duties that flow from it: impartiality, advice, secrecy, discipline and anti-money-laundering compliance.
Status
- The notary is a public officer and a liberal professional, appointed by the Grand Duke; the number of offices is fixed by law.
- Notaries are subject to the Chambre des Notaires, to disciplinary rules and to statutory incompatibilities.
- Fees are regulated by Grand-Ducal regulation; the notary must hold professional indemnity insurance.
Duties
- Impartiality and the duty to advise all parties, not only the paying client.
- Professional secrecy, which is broader than the avocat's in some respects and survives the end of the engagement.
- Conflict-of-interest checks, including related parties and prior involvement.
- AML: customer due diligence, identification of beneficial owners, ongoing monitoring and suspicious activity reports to the Cellule de Renseignement Financier.
Worked example
A client asks the notary to date a deed earlier than the actual signature to fit a tax deadline. The notary must refuse: the date is fixed by the act and false dating is a criminal offence and a disciplinary breach. The correct response is to record the true date and explain the tax consequences.
Traps
Secrecy does not prevent an AML report. Impartiality does not mean neutrality between lawful and unlawful instructions. Do not assume the notary may act outside the authorised office or without insurance.