The Financial Analytical Office (FAÚ) continues to actively impose fines on companies for breaching the AML information duty set out by the Anti-Money Laundering Act. This duty includes, in particular, appointing and notifying the FAÚ of the contact person responsible for AML compliance, as well as submitting to the regulator, in a notification procedure, the company’s internal AML risk management system and AML policies. Many companies, especially new market entrants, are not aware that a delay or incomplete fulfilment of these requirements is itself considered a violation and leads to significant sanctions.
Stricter sanctions for crypto companies
In the case of crypto companies, the sanctions are much stricter: the average fine amounts to around CZK 600,000, which is about ten times higher than for similar breaches by real estate agencies, accounting firms, or other less risky entities.
Details and the full list of FAÚ decisions are available at: https://fau.gov.cz/2024-855
How to fulfil your AML information duty
- Inform the FAÚ about the AML responsible person using the electronic form available on the website fau.gov.cz.
- Prepare an internal AML policy for the prevention of risks related to AML and CFT and notify the FAÚ of it by submitting it in the prescribed notification procedure (including your AML risk management system).
- Annual training obligation: AML responsible officers are required every year to undergo AML training and obtain a certificate.
Need help?
For detailed information on whether you are a responsible person under the Anti-Money Laundering Act, please send us an inquiry at ml@unimfa.com.