From 1 September 2008, new measures will come into force to combat money laundering and the financing of terrorist activities.
The measures will bring Czech law into line with EU law and will require customers to verify their identities for all transactions exceeding €1,000 (the current limit is €15,000).
For transactions above €15,000, customers will be required to provide more extensive information which includes details of the purpose and nature of the intended transaction.
More stringent controls are also being introduced for financial transactions involving people holding prominent public positions and their immediate family members.
Law: Act No. 253/2008 Coll., Directive 2005/60/EC
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The original publication date for this article was 23/07/2008.