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Frequently Asked Questions
What 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.
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