office(at)czech-lawyers.com

  • [EN]
  • [FR]
  • [ES]

New Legislation on Czech Bank Accounts

New-Legislation-on-Czech-Bank-Accounts.jpgCzech Republic 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 (banks, 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. 
 
Businessmen interested in receiving further details on this legislation may contact our law firm in Czech Republic for legal assistance. 
 

Comments

  • Fred 2017-03-28

    I hope that the legislation will have positive effects on the businesses in Czech Republic.

Comments & Requests


Please note that client queries should NOT be posted here but sent through our Contact page.