On July 1, 2021, an amendment to AML Decree No. 67/2018 Coll., on Certain Requirements for a System of Internal Policies, Procedures, and Control Measures Against Money Laundering and Terrorist Financing, will take effect. As its title suggests, the so-called AML Decree primarily addresses certain requirements for a system of internal policies, procedures, and control measures in the AML/CFT area.
Through this amendment, the Czech National Bank has, for example, clarified obligations regarding enhanced customer identification and verification, strengthened requirements for documenting the procedures of obligated entities, and reinforced requirements for information sharing within a group of companies.
A new provision also establishes the obligation to set a deadline for internal review of possible suspicions of money laundering or terrorist financing, so that the obligated entity is able to effectively fulfill its obligations to prevent money laundering and terrorist financing. The CNB has also published an explanatory report that provides further details on the individual changes; for more information, see:
https://www.cnb.cz/export/sites/cnb/cs/legislativa/.galleries/vyhlasky/vyhlaska_235_2021_oduvodneni.pdf
