Many entrepreneurs think AML is only relevant to banks and large corporations. But the reality is different. The AML law covers dozens of different sectors and professions — and often affects businesses that don't expect it at all. Do you sell properties? Provide accounting services? Trade in art? Accept larger cash payments? Then AML very likely applies to you.
Table of contents
Why many businesses think AML doesn't apply to them
AML (Anti-Money Laundering) has a strong association with banking in people's minds. When you say 'money laundering', most entrepreneurs imagine international financial fraud, not their own office.
But the AML Act (No. 253/2008 Coll.) defines obliged entities much more broadly. It's not just about the sector, but about the specific activity you carry out. And that's the key catch — what matters is not your company's name or size, but what you do.
Which industries does AML target?
The AML Act applies to these main groups:
- Financial institutions — banks, insurance companies, investment firms, currency exchanges, payment institutions
- Real estate agents — for intermediating purchases, sales, or rentals of properties
- Accountants and tax advisers — for bookkeeping and financial advisory
- Lawyers and notaries — for asset management, company formation, share transfers
- Dealers in precious metals, jewellery, art, and antiques
- Crypto-asset service providers
- Any entrepreneur accepting cash payments over EUR 10,000 (approx. CZK 250,000)
The full list contains 14+ categories of entities. If you're unsure whether your business falls into any of them, we recommend taking our quick test.
Practical real-world examples
Let's look at specific situations where an entrepreneur becomes an obliged entity — often without realising it:
🏠 Real estate agent Jana
Jana intermediates the sale of apartments in Prague. Every sale exceeds several million crowns. She falls under the AML law because she intermediates property transfers. She must identify clients, carry out CDD, and have internal policies in place.
📊 Petr's accounting firm
Petr keeps the books for 30 companies. Although he doesn't receive large payments himself, he falls under the AML law because accounting services are a regulated activity. He must have internal policies and carry out client checks.
💎 Jeweller Martin
Martin runs a jewellery shop and occasionally accepts cash payments exceeding CZK 50,000. As a dealer in precious metals and stones, he is an obliged entity regardless of the amount of any individual payment.
🚗 Lukáš's car repair shop
Lukáš runs a car repair shop and once accepts a cash payment of CZK 260,000 for repairing a luxury vehicle. At that moment, he becomes a one-off obliged entity and must fulfil AML obligations for that specific transaction.
Does AML apply to you?
Find out immediately whether your business is subject to AML and which measures apply to you.
What must you do if AML applies to you?
If it turns out you are an obliged entity, you have these key obligations:
- Prepare internal policies (SVZ) and a risk assessment — your internal AML manual
- Identify clients (KYC) — verify identity before starting a business relationship
- Carry out customer due diligence (CDD) — assess the purpose and source of funds
- Screen clients against sanctions lists and PEP registers
- Report suspicious transactions to the FAU
What happens if you ignore it?
Ignoring AML obligations has real consequences:
- Fines ranging from hundreds of thousands to millions of Czech crowns — the FAU inspects more frequently
- Public disclosure of sanctions — reputational damage to your business
- Activity bans in serious cases
Most fined businesses are not fraudsters. They are ordinary companies that simply didn't know AML applied to them, or underestimated the formal requirements.
How to solve it simply?
AML compliance doesn't have to be complicated. With AML PROOF, you can handle the entire process in one tool:
- Automatically generate mandatory documents (internal policies, risk assessment)
- Identify and screen clients against sanctions lists and PEP registers
- Assign a risk score to each client
- Archive everything in one place for the legally required 5–10 years
- Be ready for FAU inspection
No complex procedures, no expensive consulting. One tool that guides you step by step.
Conclusion
AML doesn't just apply to banks. If you carry out a regulated activity — whether you sell properties, provide accounting, trade in art, or accept larger cash payments — you have legal AML obligations. The sooner you find out and start addressing it, the better.
Not sure if AML applies to you? Take our quick test and find out in 2 minutes.