AML Act

Law  Tax 

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. 

24. 2. 2021
Tax 

Approaching deadline for an entry of beneficial owners information in the Beneficial Owners Register

An amendment to Act No. 304/2013 Coll., on Public Registers of Legal Entities and Individuals, effective since 1 January 2018, has introduced the Beneficial Owners Register (the “Register”) in which all legal entities recorded in the Commercial Register need to record their beneficial owners by no later than on 1 January 2019. Other legal entities recorded in other public registers (including trusts) have to do so by 1 January 2021. What does this duty entail in practice, how complicated is it and what issues may arise? 

23. 10. 2018
Law 

The Expiry of the Deadline for Entries to Be Made in the Register of Data on Beneficial Owners is Approaching

The Amendment to Act No. 304/2013 Coll., on Public Registers of Corporate Entities and Natural Persons effective from 1 January 2018 has introduced the Register of Data on Beneficial Owners (hereinafter the “Register”). Pursuant to the Amendment, all corporate entities recorded in the Commercial Register shall record their beneficial owners in this Register by 1 January 2019. Other corporate entities recorded in other public registers (including trusts) are obliged to make an entry in the Register by 1 January 2021. As such, what are the particular steps to be taken, how complicated is the procedure and what issues can be caused by this? 

29. 8. 2018