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Situations where we need information and cooperation from the client
Pursuant to Sec. 9 of Act No. 253/2008 Coll., we particularly require the client to provide additional information and cooperation in the following cases:
- Before the establishment of the business relationship and during the existence of the business relationship.
- Before making a transaction outside a business relationship, if the conditions under Sec. 7, paragraph 1 are met, namely:
- as soon as it is clear that the transaction will reach a value of 15,000 EUR or more;
- the transaction is with a politically exposed person,
- the transaction is with a party whose country of origin is a high-risk country according to Commission Regulation (EU) 2016/1675 and the FATF list of high-risk countries,
- the transaction is with a person identified according to Sec. 11, paragraph 7 of the AML Act (includes remote identification with a checking payment by the client pursuant to the stipulated conditions),
- the funds transferred amount to 1,000 EUR or more.
- Before making a suspicious transaction.
How we define a suspicious transaction
Sec. 6 (1) For the purposes of this Act, a suspicious transaction means a transaction made under circumstances causing suspicion of attempted legalization of proceeds from crime or suspicion that the funds used in the transaction are intended to finance terrorism, or that the transaction is otherwise related to or connected with the financing of terrorism, and/or another fact that might indicate such suspicion.
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. We treat all the submitted information in accordance with the principles of banking secrecy.
Due diligence is carried out on an ongoing basis throughout the term of the business relationship, e.g. by updating client data or the AML questionnaire. Due diligence also takes place on extraordinary occasions - screening of non-cash or cash transactions, screening of suspicious transactions, etc. The client may be asked by the bank at any time to provide information and to submit the relevant documentation.
If the client fails to cooperate in the identification or due diligence process, the bank has the right to refuse to execute a transaction or establish a business relationship under the aforementioned Act. Failing to provide the necessary cooperation may eventually lead to the termination of the business relationship with the client (pursuant to Sec. 15 of Act No. 253/2008 Coll.).
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.