Easier online identification, new obliged entities and higher sanctions. What changes does the amendment to the AML Act bring?
Digital technologies are growing in popularity, but they come hand in hand with new forms of crime, including crime in the area of money laundering. Fighting against this illegal practice is becoming more and more demanding, which is reflected in the increasing number of relevant legal regulations on both the Czech and European level. At the beginning of 2021, an amendment of the AML Act came into force, which regulates for example new obligations, technological possibilities with regard to the online customer on-boarding, changes certain conditions for customer due diligence and brings substantially higher sanctions for violations of the AML Act. What exactly do these changes mean and what else does the amendment to the AML Act bring? We talked about these matters with the representatives of the Financial Analytical Office during our panel discussion.