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AML Foundation
Fulfillment of obligations under § 23 of Act No. 253/2008 Coll.
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The course is intended for anyone who needs to fulfill the obligations under § 23 of Act No. 253/2008 Coll., on Certain Measures Against Money Laundering and Terrorist Financing (AML Act), and obtain a certificate of completion for mandatory training.
It provides a practical explanation of the obligations and procedures for AML compliance. Participants will gain comprehensive knowledge of the responsibilities of obliged entities as well as the related legislation. The course is suitable for beginners with no prior experience in this area.
Common participants include all obliged entities under the AML Act:
Credit and financial institutions
Obliged entities in non-financial sectors, including the real estate sector
Entrepreneurs conducting cash transactions over 10,000 EUR
All employees of obliged entities or collaborators who may encounter suspicious transactions in the course of their duties
What will you learn
More information- Master the procedures for maintaining mandatory documentation and the register of beneficial owners to ensure compliance with AML Act requirements.
- Learn to recognize various types of suspicious transactions in practice, determine the appropriate steps to take upon their identification, and collaborate effectively with the Financial Analytical Office (FAÚ).
- Familiarize yourself with the obligations arising from Act No. 253/2008 Coll., including the role of obliged entities, rules for client identification and verification, and applicable procedures.
- Gain insight into current legislation, upcoming European regulations, and amendments to the AML Act, including the impact of the Whistleblower Protection Act on obliged entities.
Terms
Fully booked
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Timeline
- Block length 90 min.
- Teaching hours 16
- Refreshments Yes
- Exam No
The AML Basics Course is designed for all obliged entities to fulfill their obligations under § 23 of Act No. 253/2008 Coll., on Certain Measures Against Money Laundering and Terrorist Financing (AML Act), and to obtain a certificate of completion for mandatory training. All obliged entities are required to ensure, at least once a year, that they are familiar with the latest AML practices and provide training for all employees and collaborators who may encounter suspicious transactions during the course of their work.
Frequently asked questions
All questionsWhat are the main duties of obliged entities under the AML Act?
• Client identification and verification: Obliged entities must verify the identity and ownership structure of clients (including beneficial owners).
• Record-keeping and documentation: All records of client identification and transactions must be retained for at least 10 years.
• Reporting suspicious transactions to the FIU: Any identified suspicious transaction must be reported to the Financial Analytical Office (FAÚ).
• Employee training: Obliged entities must regularly train employees on AML requirements.
What are the penalties for non-compliance with the AML Act?
Failure to comply with AML obligations can result in:
• Fines up to several million euros.
• Prohibition or restriction of business activities.
• Administrative measures, such as orders to implement corrective actions.
Who is considered an obliged entity under the AML Act?
Obliged entities include:
• Banks, financial institutions, and credit companies.
• Notaries, lawyers, auditors, and accountants.
• Real estate agencies.
• Providers of gambling services.
• Traders conducting cash transactions over 10,000 EUR.
• Other entrepreneurs and individuals engaged in activities covered by AML obligations.
Your next career step
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Become an AML/CFT specialist, comply with Act 253/2008 Coll. and increase your qualification.
Certified Compliance Officer
Protect the economic and ethical interests of the organization with the help of Compliance Management
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