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AML and KYC measures – mandatory due diligence
We realize every possible effort to minimize the risks of money laundering and terrorist financing.
Raiffeisenbank a.s. adheres to Act No. 253/2008 Coll. stipulating, inter alia, the bank's obligation to carry out client due diligence and the client's obligation to cooperate with the bank in this respect. The Act imposes an obligation upon the bank to not carry out a transaction or establish a business relationship, especially if the client refuses to provide the necessary cooperation during the client due diligence process. If the client insists on executing a transaction or establishing a contractual relationship, the client has no choice but to provide the bank with the appropriate cooperation. Making a transaction or establishing a business relationship without requesting such cooperation would expose the bank to regulatory sanctions. More information
Regulations applied
Situations where we need information and cooperation from the client
Methods of contacting the client to obtain required information
Client verification at a branch
Politically exposed persons
Client’s ownership and management structure and beneficial owner
Common reporting standard
FATCA - Foreign Account Tax Compliance Act
Raiffeisenbank a.s. performs client due diligence to eliminate the risks of money laundering and terrorist financing to the greatest possible extent. Client due diligence is often known as "Know Your Customer". At the bank's request, every client is obliged to provide the information necessary for the due diligence and to submit the relevant documents. If the client fails to provide such cooperation or if the client due diligence cannot be carried out for any other reason, the bank must proceed in accordance with applicable laws.
The bank ascertains and evaluates information on the purpose and nature of the transaction or business relationship, the nature of business activities, information on the identification and verification of the client's beneficial ownership and identification of the client's management and ownership structure, and information on the origin of assets of a politically exposed person or on the application of international sanctions to the client. In accordance with Sec. 9a of Act No. 253/2008 Coll., the bank carries out enhanced identification and due diligence of clients with a high-risk third country as their country of origin, all at any time during the establishment or existence of the business relationship. The list of high-risk countries is determined on the basis of Commission Regulation (EU) 2016/1675 and the FATF list of high-risk countries. From the bank's perspective, AML (Anti Money Laundering) rules must be adhered to. These are anti-money laundering measures that are also intended to combat the financing of terrorism (CFT).
The bank treats all client data and submitted information in accordance with the principles of banking secrecy.