Poznej svého klienta - základní zásada finančního práva
| Title in English | Know Your Customer - basic principle of the financial law |
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| Authors | |
| Year of publication | 2012 |
| Type | Monograph |
| MU Faculty or unit | |
| Citation | |
| Description | The aim of this book is to address the „Know Your Customer“ principle and its wider context in the law of the Czech Republic, Slovakia and the European Union. In the Czech law, the Know Your Customer principle is reflected in the Act No. 253/2008 Sb. on Certain Measures against Money Laundering and Terrorism Financing as amended. In the Slovak law, this principle has been introduced by the Act No. 297/2008 Z. z. on the Prevention of Legalization of Proceeds of Criminal Activity and Terrorism Financing and on Amendments and Supplements to Certain Acts as amended. The responsibility of financial institutions, credit institutions, notaries, attorneys-in-law and other people (obliged entities) is to perform simplified customer due diligence and customer due diligence. The customer due diligence is followed by other processes, such as the notification of suspicious transaction, subsequent actions by the financial intelligence unit of the respective state and sanction procedure (if the legalization of proceeds from criminal activities, so called money laundering, takes place). This book discusses whether the „Know Your Customer“ principle may help to prevent the money laundering and the terrorism financing in particular types of transactions on the financial market. The following question is the effectiveness of AML duties enforcing with obliged entities. The latter part of the book involves the discussion on the consequences of the „Know Your Customer“ principle on internal management and control system of the obliged entities. |
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