The Supervision in the Area of Anti-Money Laundering (AML) in Relation to Legal and Advisory Professionals
Abstract
The article deals with the situation of legal and advisory professionals as obliged entities according to the legal framework of anti-money laundering (AML) and counter-terrorism financing (CTF) measures, and specifically with the supervision of these obliged entities. In this article, the authors pay special attention to the differences of these independent professionals (especially their obligation of confidentiality), the reasons for their inclusion into the scope of obliged entities, and their level of risk in the AML field.
The supervision of these obliged entities is assessed in relation to the legal framework in effect until the end of 2020, the legal framework given by the amendment to the Czech AML Act, and de lege ferenda. Moreover, the article reflects the knowledge gained in practice and the problems detected during the application of AML measures in relation to the legal and advisory professionals, relevant cases, and comparison of legal frameworks in different jurisdictions.