KYC and anti-money-laundering measures

The scope of verification depends on the transaction, its value and its risk.

The AML Act generally requires customer identification no later than when it becomes clear that the transaction value will exceed EUR 1,000. Identification is also required in other statutory circumstances irrespective of value, such as a suspicious transaction.

Given typical used-car prices, identity verification will therefore form part of most of our transactions.

For transactions of EUR 15,000 or more and in other cases required by law, we also carry out broader customer due diligence.

For an individual, we generally obtain and verify in particular:

• identification details,
• a valid identity document,
• authority to act for someone else if you represent them.

For a legal entity, we also verify its existence, the person authorised to act for it and, where relevant, its ownership and management structure and beneficial owner.

Our statutory checks also establish whether the customer, representative or beneficial owner is subject to international sanctions or is a politically exposed person (PEP).

If the law requires customer due diligence or a transaction presents higher risk, we may also need information or documents concerning:

• the purpose and nature of the transaction,
• the source of funds or assets,
• the customer's business activity,
• a company's beneficial owner,
• other circumstances of the particular transaction.

We always adapt the information requested to the situation and statutory duties.

If we must identify a customer or perform due diligence and the customer does not cooperate, or if we have doubts about the truth of the information or authenticity of documents, the law may require us not to proceed or to end the business relationship.

We assess suspicious transactions under the AML Act and report them to the Czech Financial Analytical Office (FAÚ) where required by law.

Information relating to a suspicious-transaction report is subject to statutory confidentiality.

Depending on the situation, we can also prepare and sign transaction documents electronically.

An electronic signature alone does not automatically replace customer identification under the AML Act.

For a remote transaction, we explain in advance how identity must be verified.

As a used-goods dealer, we retain AML-related data and documents for the period required by law.

For transactions of EUR 10,000 or more, this period is ten years; in other cases, generally five years from completion of the transaction or termination of the business relationship.

After the statutory period, we delete or destroy the information unless there is another legal basis for retaining it.

Further information about personal-data processing is available in our Privacy Policy.

A designated member of the company's statutory body is responsible for ensuring compliance with AML duties.

The AML Act also requires the company to designate a contact person for communication with the Financial Analytical Office.

General data-protection questions can be sent to info@jirkovagaraz.cz. Due to statutory confidentiality, we do not provide information about specific AML checks or reports.