Why Every Obliged Entity Needs an Experienced MLRO and MLCO: The Czech AML/CFT Law Perspective
Mgr. Hovsep Kocharyan, Ph.D. Mgr. Lusine Vardanyan, Ph.D. 1. Introduction Currently, in the context of a dynamically developing regulatory framework, compliance with all applicable AML/CFT standards, guidelines and requirements is a strategic necessity. In accordance with the Czech Anti-Money Laundering Act No. 253/2008 Coll. (referred to as the “Czech AML Act”), every obliged entity must implement comprehensive, detailed, proportionate and effective AML/CFT (anti-money laundering and terrorist financing) policies, procedures, measures, and controls. The Czech AML landscape is changing fast. MiCA, DORA, AMLA Regulations — all raise the stakes for fintech and crypto firms. This article explores why, in light of evolving EU regulations, it is now more critical than ever for obliged entities, including primarily for CASPs, Payment Service Providers (PSPs), Banks, Investment Firms, and Electronic Money Institutions (EMIs) to have a dedicated and experienced AML/CFT C...