On 5 October 2021, the Council of Europe Economic Crime and Cooperation Division (ECCD) organised the “Workshop on preventing criminal associates from holding management functions or being the beneficial owners of licensed obliged entities” for Czech authorities.

The Workshop gathered the representatives of the Czech National Bank’s anti-money laundering regulation and licensing departments, as well as the representatives of the Financial Analytical Office (Czech FIU), who had the opportunity to get acquainted with concrete case examples and receive practical advice and recommendations for detecting and preventing criminal associates from holding important roles within obliged entities, more particularly financial institutions.

This activity was a follow-up to the previously conducted “Study on the money laundering and terrorist financing (ML/TF) risks associated with the processes of entering the financial market or business by a selected group of obliged entities”, which aimed at identifying and promoting a further developed understanding of ML/TF risks in this area. The ECCD sought to further support the Czech authorities in this regard, by providing tailored guidance to the stakeholders directly involved in the market entry and licensing process. As a next step, the project will assist the Czech National Bank with an expert review of its fit and proper procedures.

The activity was organised within the framework of the Structural Reform Support Programme initiative on “Enhancing effectiveness of the AML/CFT regime in the Czech Republic”, funded by the European Commission Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe, and implemented by the Council of Europe.