Which kind of documents can be notarized using Remote Online Notarization?
Each year, over 120M notarizations are happening in the EU and the UK. There are many situations when notarizations are needed, and among the most common documents presented to a notary we can find:
- Board Resolutions and Corporate Filings
- Identity Verification Documents (such as passports)
- Corporate Identification Documents (Capital Structure, Certificate of Incorporation, etc.)
- Certifications and documentation required during import and export
- Powers of Attorney
- Authentic Acts and Agreements
The existence of such a wide range of documents that need to be notarized in person can be extremely time-consuming for companies and professionals. In this context, remote online notarization — the process of notarizing documents online replacing the traditional in-person meeting with an audio-video session — has gained a lot of traction due to its efficiency compared to the traditional way of notarizing documents. Remote online notarization can be used in multiple verticals, especially in financial and legal services, among many other sectors.
In financial and legal services, notarization is crucial for ensuring the validity of many organizations’ documents and transactions. Some of the most common use cases for remote online notarizations include:
a) KYB for neobanks and fintechs
Know Your Business (KYB) verification is a part of a company’s compliance with anti-money laundering regulations. Companies need to carry basic or extended due diligence prior to doing business with another company.
b) Board Resolutions, General Meetings and Corporate Filings
Board resolutions are made by a company’s board of directors. These are important as they document the binding decisions made on behalf of the corporation.
Corporate documents provide vital information about the corporation, including name, address, representative details, and business purpose of the corporation. When you register a company, certain information is required to be reported yearly to the national business register and it can include: income and expenditure, assets and liabilities, as well as key details about the company and people who control it. As those documents are required periodically, notarizing them remotely helps companies be more efficient with their time.
c) Updating National Business Registers
When there is a need to update information on the national business register, a certified copy of the corresponding transaction verified by a notary public may be required.
d) Identity verifications (such as verifications of passports) for international processes
Certain international procedures (such as opening bank accounts for foreign nationals) require notarized copies of personal identification documents of relevant individuals, in line with applicable anti-money laundering and fraud prevention regulations.
e) Notarizations required for import and export
When exporting or importing goods to and from a country, certain documents may require notarization. Those documents include Certificates of Origin, Certificates of Manufacture, Bills of Lading, etc.
f) Execution of Power of Attorney
It is the legal process that allows one person to act on behalf of another person and it also requires notarization.
Apart from the aforementioned cases, there are many other circumstances where remote online notarization can be carried out. If you have any questions about them, get in touch with us at Legitify by sending an email to info@legitify.com
This article was written by Clara Valls Cunillera, Marketing Intern in collaboration with Marta Gesinska (PhD), Legal Analyst at Legitify.
