AML rules

AML rules

AML/CFT (Anti Money Laundering, Counter Financing of Terrorism) is a set of procedures that we are required to perform in accordance with the Czech AML/CFT Act. These AML/CFT regulations, or as we call them, AML rules are designed to prevent money laundering and terrorist financing activities. That is why we have in place a comprehensive set of internal guidelines, policies, procedures and measures regulating our activities.

Some of the actions that we require you to take during sign-up and/or in the course of our cooperation are directly related to the AML rules. It is not that we want to make your life unpleasant – we only comply with our legal obligations. You will most likely come across with terms such as customer identification, customer verification, beneficial owner or politically exposed person. Do not worry – we will spare you the boring details!

The only thing you do need to know is that it is our legal obligation to obtain from you your identification documents, bank statements, account verification payment, information about you and/or your authorised representatives (directors, board members), beneficial owners, intended business activities, origin of funds, etc. We have no choice. At the same time, it must be noted that we are not allowed to disclose this information to anyone else (other than to the competent public authorities). It may also happen that, in some circumstances, we may refuse to enter into a business relationship with you or be forced to limit or even terminate our cooperation. Do not take it personally, though – if we went ahead, we would most likely breach the law or contractual arrangements with third parties.

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Supervision and prudential regulation