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Regulations applied
Raiffeisenbank a.s., being an obligated entity, is primarily subject to the following regulations in the area of prevention of money laundering and financing of terrorism and international sanctions:
- Act No. 253/2008 Coll. on selected measures against legitimisation of proceeds of crime and financing of terrorism, as amended
- Act No. 37/2021 Coll. on the register of beneficial owners, as amended
- Act No. 69/2006 Coll. on the implementation of international sanctions, as amended
- CNB Decree No. 67/2018 Coll. on certain requirements for a system of internal policies, procedures and controlling measures against money laundering and financing of terrorism, as amended
- Act No. 21/1992 Coll. on banks, as amended
- Act No. 370/2017 Coll. on payments, as amended
- Act No. 1/2023 Coll. on restrictive measures against certain serious acts in international affairs, as amended
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.