AML regulation: risk of penalties of up to CZK 130 million

Obliged persons under the AML Act will be subject to new duties whose violation may result in severe penalties that could be potentially destructive for smaller companies. The legal…

Revolution in AML to affect all legal entities

With the implementation deadline for the fifth AML Directive approaching, preparations of legislative proposals transposing it into Czech laws are underway, including, among others, an amendment to the Czech AML

Have you registered your beneficial owner yet?

From January 2018, entities recorded in Czech public registers have to register their beneficial owners in a new register maintained by the registration courts. The law set a one-year time limit to do so. The deadline is slowly drawing to an end,…

Controversial amendment to Tax Procedure Code published in Collection of Laws

In early June, a long-awaited and widely discussed amendment to the Tax Procedure Code was published in the Collection of Laws. The amendment expands the information duty towards tax administrators and implements – with a few months’ delay – the EU…

Duty to identify clients and ascertain beneficial owners

According to the ruling of the Municipal Court in Prague, it is not possible to simply identify a statutory body, director or other top manager as the beneficial owner in cases of unclear ownership structures, as such persons may not be in a direct…