Find answers to the most frequently asked questions about AML and our services.
Here you will find aswers to the most common questions to save time when searching for information.
Where can I find the information whether I am an obliged entity?
Obliged entities are defined in Section 2 of the “AML Act” (Act No. 253/2008 Coll., on Certain Measures against Money Laundering and Terrorist Financing). For these entities, the AML obligations apply to all of their business activities. A typical example of such an obliged entity is a bank. However, there are also obliged entities with a specific field or scope of business – these fields are again listed in the Act – for which the AML obligations apply only to that specific area. An example of such an obliged entity may be a tax adviser or an accountant. The current version of the Act is available on the website of the Financial Analytical Office (FAÚ).
If I am an obliged entity, what does that mean? What do I need to do?
Among the basic obligations of obliged entities are the identification and verification of the client, refusal to carry out (suspicious) transactions, retention of data, as well as the implementation and application of an Internal Policies, Procedures and Control Measures System to fulfil the obligations set out by the AML Act (including risk assessment), designation of contact persons for fulfilling the reporting obligation, conducting employee training (at least once every 12 months), and the so-called information obligation.
What do the terms client identification and client control mean?
The obliged entity must always carry out client identification before establishing a business relationship, before executing a transaction exceeding EUR 1,000, or in other cases specified in Section 7 of the AML Act. In simple terms, client identification means obtaining identification data and verifying this data from reliable sources. Client verification is an activity aimed at ensuring that the obliged entity can detect any potentially suspicious transaction. The minimum scope of verification is set out in Section 9, paragraph 2 of the AML Act.
Where can I find comprehensive information on Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT)?
Mnoho aktuálních informací najdete na stránkách:
https://www.fau.gov.cz/
https://www.fatf-gafi.org/en/home.html
https://www.coe.int/en/web/moneyval/home
