According to Act No. 253/2008 Coll. on selected measures against the legitimisation of proceeds of crime and financing of terrorism.
We hereby would like to inform you of certain legal obligations of UniCredit Bank Czech Republic and Slovakia, a.s. (hereinafter the “Bank”) which you as clients will encounter in establishing and in the course of a contractual relationship.
The Bank’s main obligations in this area are defined by:
Identification is an operation that must always precede a business relationship, the subject of which is the provision of a product or service to a client. In performing identification, the Bank is obliged to ascertain, verify and record the identification information of all individuals and legal entities participating in the business relationship.
When does the identification take place?
The identification always takes place, as mentioned above, prior to establishing the business relationship, always prior to executing any banking transaction (individual transactions) with a value exceeding EUR 1,000 or the CZK equivalent (e.g., cash withdrawal/deposit, purchase/sale of cheques, and the like), and in certain other situations stipulated by the Act.
What information does the Bank obtain from identification?
For an individual – non-entrepreneur:
For an individual – entrepreneur:
For a legal entity:
How does identification take place?
The Bank’s documents used for the identification of individuals include the Client Identification Card as well as the document Information Regarding Personal Data Processing, which you can read here.
For identification, an individual submits his or her identification card, whereas a legal entity submits documentation proving the entity’s legal existence. The Bank is entitled to make copies of documents submitted as part of the identification process. The Bank shall make a copy of an identification card only with the consent of its holder. Should the holder not give his or her consent, the Bank will copy the data into the Identification Card.
Identification of an individual always takes place in his or her physical presence. The Act allows for the following variants of alternate identification:
The Bank’s employees will be pleased to provide you with details on the execution of identification by an alternate method upon request.
The Bank may not enter into a contractual relationship with a client who has refused to submit to identification, nor may the Bank execute a transaction (provide any product or service) for such a client.
Client inspection is a procedure charged to the Bank by the Act and the CNB Decree. The Bank must ascertain data necessary for assessing the possible risk of the legitimisation of proceeds of crime (so-called money laundering) and financing of terrorism.
What is the aim of client inspection?
How and when does client inspection take place?
Client inspection proceeds depending on the type of client and type of business relationship, product and provided transaction.
The client is requested by the Bank on an individual basis to provide specific materials for the purpose of carrying out client inspection. The client can be requested, for example, to report the origin of the funds with which it transacts, or, for a cash transaction, the client can be requested to submit written documentation establishing the origin of the relevant funds.
The client is obliged to provide the Bank information that is necessary for carrying out the client inspection, including submitting the appropriate documents. The Bank is entitled to make copies of such documents for the purposes of the client inspection.
The Bank may not enter into a contractual relationship with a client who has not provided it sufficient co-operation for carrying out the client inspection, nor may the Bank execute a transaction (provide a product or service) for such a client. The Bank proceeds in the same way even if it is not possible to contact the client for the purposes of carrying out the inspection.
A politically exposed person shall mean an individual in a prominent public position with nation-wide competence, and that for the entire period of holding the position and for an additional one year after the termination of holding such position, and having residence outside the Czech Republic or holding such important public position outside the Czech Republic.
A politically exposed person is also an individual who is:
How does the Bank deal with politically exposed persons?
The Bank determines and verifies whether the client is a politically exposed person or a person related to such person.
The Bank is always obliged to perform a client inspection of politically exposed persons.
The Bank may not execute a transaction (provide a service or product) to a politically exposed person if it does not know the source of the politically exposed person’s assets to be used in the transaction.
We anticipate our mutual understanding, accommodation and trust in fulfilling the requirements that the Act and the CNB Decree placed upon the Bank and which establish the framework for successful mutual business dealings.
UniCredit Bank Czech Republic and Slovakia, a.s.