Money laundering – means actions performed with the aim to legalize money or other property acquired by criminal means or to conceal its origin. Such actions are usually performed by drug dealers, organized criminal groups, terrorists, tax plunderers, smugglers, corrupt officials and related persons.
Anti-money laundering – means actions performed with the aim to prevent such illegal activity.
According to the Law on Anti-money Laundering and Financing of Terrorism of the Czech Republic, which have come into force in 2008, the financial institution is obliged to monitor and inform responsible authorities about any suspicious operations; thus, the financial institution has to request data each time a suspicion arises that an illegal action is or may be performed. Companies providing payment services follow the principle "Know your client". It is necessary to prevent possible illegal activity and protect the society from crime by all means. That is why, all data about the client and his/her activity is collected and used for this purpose. Whether institutions providing payment services execute prevention appropriately is evaluated by supervisory authorities – Financial Crime Investigation Service (FCIS) under the Ministry of the Interior and the Bank of Czech Republic.
"OrangeTrust s.r.o." managing "OrangeTrust" applies a four-level identification system. If not only personal, but also a business account is managed, the person is asked to provide both personal data and the main information about the activity executed by the company. In case of a suspicion, the client is asked to provide data about payments and related transactions, since monitoring of the client, nature of his/her activity, the beneficiary and the origin of funds allows to eliminate possible suspicions. All institutions providing payment services and supervisory authorities follow these principles unitedly and cooperate for the sake of the common purpose – to ensure the welfare of the society.
If the client refuses to provide requested personal data or information about his/her activity, real beneficiaries, the origin of funds or provides incorrect or false data, "OrangeTrust s.r.o." is obliged to react to such suspicious actions and inform responsible authorities. Also, under the General payment service agreement, "OrangeTrust s.r.o." may decide to suspend operations performed by the person or the company and even terminate all business relationships with such client.