Senate approves stricter rules against money laundering

The Senate on Wednesday approved stricter rules against money laundering, extending the range of entities that will have to vet their clients for possible money laundering to include insolvency administrators, restructuring administrators and operators of online lotteries and online bingo.

The amendment, which now has to be signed by the president, also imposes the obligation to vet clients of precious metal traders. In addition, the amendment increases the upper limit of the fine imposed on individuals for failure to check an institution subject to the law to CZK one million.