May.27, 2010

Czech Post has introduced tighter checks on individuals collecting, storing or sending money through its systems. The measures have been brought in to help pinpoint potential money laundering and terrorist financing. Amounts over 1000 Euros will require identity cards and more robust checks for amounts exceeding 15,000 Euros.

Czech Post said those most likely to face questions collecting, storing or sending money, would be individuals with an important political function, which are normally resident in the Czech Republic and work abroad or vice versa, and foreign nationals who have an important public function.

The operator was keen to emphasise that although the measures could potentially inconvenience customers, it had to operate under the new law (Act No 253/2008) in line with other financial institutions in the Czech Republic.