What AML/CFT processes must alternative investment funds follow?
As of 1 January 2021, alternative investment funds are considered obliged entities under the Czech AML Act, and therefore must comply with the following Anti-Money Laundering (AML) obligations:
AML obligation | Deadline | Potential penalty |
---|---|---|
authorize statutory body member | within 60 days | up to CZK 1,000,000 |
prepare internal AML policies | within 60 days | up to CZK 1,000,000 |
conduct risk assessment | within 60 days | up to CZK 1,000,000 |
appoint and notify FAÚ of contact person | within 60 days | up to CZK 1,000,000 |
conduct AML training of cooperating personnel | before job start (then annually) | up to CZK 5,000,000 |
Act No.40/2009 Coll., the Criminal Code, as amended, knows not only the intentional crime of "laundering the proceeds of crime" but also its negligent form "laundering the proceeds of crime through negligence". In practice, this means that you can commit this offence without being aware of it (!).
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