applies a new legislation on the bank accounts
. Foreign businessmen who want to open a company in Czech Republic
are required to set up a corporate bank account
for their business and the requirements may vary depending on the bank
with which they are collaborating. However, both legal entities and natural persons must also respect the banking legislation
available here, on which our team of Czech lawyers
can provide legal advice.
Central Bank Accounts Registry Act in Czech Republic
The authorities of Czech Republic
enacted on 6 October 2016 a new legislation on accounts registries
– the Central Bank Accounts Registry Act (No. 300/2016 Coll.)
, following the regulations imposed by the European Commission (EC). The Act
provides a new system which has as a main target the fight against criminal acts
deriving from financial activities. It enables a new mechanism which facilitates the exposure of corruption in this field. Our team of attorneys in Czech Republic
can offer an in-depth presentation on the main regulations of the Act
Thus, the new Act
provides a centralized system
under the Central Bank Accounts Registry
, which gathers all the bank accounts
available for foreign and local companies
, as well as those of natural persons.
In the situation in which a corruption activity is noticed for a bank account of a private entity or of a natural person, the local authorities – such as the tax institutions, intelligence services or other legal agencies, may be able to ask for information through a request. Relevant information can be obtained on the respective case in a matter of just 24 hours, thus reducing the time which normally was estimated at several weeks.
Obligations of banking institutions in Czech Republic
Under the requirements of this new Act
, all banking institutions in Czech Republic
, branches of foreign banking companies
, credit institutions
and other similar entities) must offer daily updates to the Czech National Bank
on the bank accounts
opened by natural persons and legal entities
The regulation also aims at trust funds
, and it is important to know that such data will be stored in the Central Registry
for a period of 10 years.