The AML (Anti-Money Laundering) Act, which regulates measures against money laundering and terrorist financing, has been in effect in the Czech Republic since 2008 and continues to gain importance. As of February 1, 2025, the obligation to comply with AML measures will be extended to accounting firms.
The legal framework for combating money laundering in the Czech Republic is primarily based on Act No. 253/2008 Coll., which sets out obligations for client identification, transaction monitoring, and reporting of suspicious transactions. This law is supplemented by Act No. 69/2006 Coll. on international sanctions, Act No. 134/2016 Coll. on public procurement, and other regulations and directives.
What Does This Mean for Accounting Firms?
Accounting firms will have 30 days to implement internal measures, designate a responsible person for communication with the Financial Analytical Office (FAÚ), and fulfill other obligations under the AML Act. By March 3, 2025, at the latest, they must comply with Section 22 of the AML Act.
Who Falls Under AML Regulation?
The AML Act is based on EU directives and applies not only to financial institutions but also to other entities dealing with money, including accounting firms.
Obligated entities include:
✔ Auditors, tax advisors, and accounting consultants
✔ Notaries, lawyers, and individuals providing economic or legal consulting
✔ Entities offering company formation services and registered office provision
✔ Dealers of second-hand goods or cultural artifacts
✔ Individuals trading in virtual currencies
✔ Entrepreneurs conducting cash transactions exceeding €10,000
✔ Real estate agencies and brokers
What Steps Must Accounting Firms Take?
At Intras Consulting, we have carefully prepared for this change and have implemented key measures:
✅ Client Identification – When establishing cooperation, we verify clients in the commercial register, trade register, and register of beneficial owners.
✅ Risk Assessment – We evaluate the risk level of clients and their transactions.
✅ Ongoing Transaction Monitoring – We track suspicious activities such as large cash payments or transfers to high-risk countries.
✅ Reporting Suspicious Transactions – If there are any doubts, we are required to inform the FAÚ.
✅ Record Keeping – We retain mandatory records for at least 10 years.
✅ Regular Training – Our employees receive AML legislation training and continuous education.
What Does This Mean for Accounting Employees?
If you work as an employee of an accounting firm, you are required to comply with AML rules. Employers must provide regular training and monitor the entities they collaborate with.
AML regulation is crucial for protecting the financial sector and preventing financial crime. Accounting firms now face a new challenge, which they can successfully manage with thorough preparation and proper process implementation.
👉 How is your company preparing for the new AML obligations? Share your experiences in the comments on social medial channels!