Czech National Bank fines ČSOB 30 million CZK for AML failures

The Czech National Bank (ČNB) has imposed a 30 million CZK fine on ČSOB due to deficiencies in its anti-money laundering (AML) and client verification processes. The regulator identified failures in internal mechanisms designed to prevent money laundering and comply with legislative requirements.

Specifically, between November 2022 and November 2023, the bank failed to internally review the purpose and nature of transactions for clients classified as ‘problematic’, ‘unacceptable’, or ‘high-risk’. This included 58 cash withdrawals totaling approximately 136.4 million CZK, 45,000 USD, and 3.746 million EUR, as well as several large cash deposits.

ČSOB stated that the findings relate to a historical period and that all identified deficiencies have since been rectified. The bank emphasized that the investigation did not prove any involvement in money laundering, nor did it show any harm to clients, third parties, or the security of client data. The bank noted that the discrepancies arose from differing interpretations of certain rules, which the regulator's decision has now clarified.