The Financial Analytical Office (FAO) has issued a notice on the fact that credit and financial institutions, the gambling sector, the real estate sector, persons providing services to legal entities or trust funds and persons providing services related to virtual assets have an obligation in the sense of article 22 of the AML Act to designate a specific employee or member of the statutory body to fulfil the reporting obligation under article 18 of the AML Act and to ensure continuous contact with the FAO, the so-called contact person.

You are obliged to inform the FAO in writing of the designation of the contact person and of any subsequent changes within 60 days from the date, on which you became the obliged person, or within 30 days from the date, on which the changes occurred.

Information on the designation of a contact person or on any changes can be sent to the FAO via data box or by post, preferably on the prescribed form. By failing to comply with the above legal obligation you commit an offence, for which a fine of up to CZK 1,000,000 may be imposed.  We will be happy to help you prepare and submit your notification.

Author: Jiří Zoubek