New rules for remote identification, expanded identification data, and changes affecting lottery and bingo operators, as well as gemstone traders—these are some of the key features of the forthcoming amendment to the AML law.
Currently in the second reading in the Chamber of Deputies is Parliamentary Document No. 439 (“Amendment“),which amends Act No. 253/2008 Coll., on Certain Measures against the Legalization of Proceeds from Crime and Terrorist Financing, as amended (the “AML Act“). The Amendment is expected to come into force in the second quarter of this year. Below, we highlight the most significant changes introduced by the Amendment.
Penny Transfer from Outside the EEA
One of the notable changes proposed by the amendment is the modification of the rules for remote identification via the so-called “penny payment.” The amendment will newly allow such payments to be sent not only from banks operating within the European Economic Area (EEA) but also from banks outside the EEA, provided that the country in question is not listed as a high-risk third country. This change significantly expands the possibility of remote identification for foreign clients to include countries such as the USA, Japan, Canada, and others, should the amendment be adopted. The Explanatory Memorandum suggests that determining whether an account is not held in a high-risk country could be done, for example, via IBAN or BIC. However, it remains crucial for the obliged person to assess the AML risks on an individual basis, considering the potential risks that extending the remote identification process to non-EEA countries may bring.
