Regulatory Alerts2023-01-01
Supervisory benchmark No 2/2023 on client due diligence via the transaction monitoring system
The Czech National Bank issues this benchmark to address recurring control findings regarding the effectiveness of anti-money laundering transaction monitoring systems. It mandates that banks and financial entities implement a robust risk-based approach, ensuring their internal rules, data integrity, and detection scenarios are continuously adapted to current ML/TF risks. The document further requires enhanced scrutiny of internal transfers, non-bank financial institution clients, and the proper use of artificial intelligence to ensure regulatory compliance and effective suspicious activity detection.
Share