Our Commercial Register entry includes “organisational and economic consultancy”, but we do not carry out any such activities. Are we an obliged entity under the AML Act?

If your registered business activities include the trade of “organisational and economic consultancy”, but you do not provide such advice to anyone, the registration alone does not make you an obliged entity according to the interpretation of the Financial Intelligence Unit (FSJ). The AML Act classifies a consultant as an obliged entity only when advising on specified activities. However, an inspection examines what the company actually does, so it is advisable to align the registered activities with its actual business.

Which advisory activities give rise to obliged entity status

Act No. 297/2008 Z. z. on the Prevention of Money Laundering and Terrorist Financing (the AML Act) defines consultants as follows:

The following quotation is reproduced in its original language:

Povinnou osobou na účely tohto zákona je […] l) právnická osoba alebo fyzická osoba oprávnená vykonávať činnosť organizačného a ekonomického poradcu pri činnostiach uvedených v písmene j) alebo § 9 písm. b), vykonávať služby verejných nosičov a poslov alebo zasielateľstvo, […]

§ 5 ods. 1 písm. l) zákona č. 297/2008 Z. z.

Until 31 October 2020, merely being authorised to act as an organisational and economic consultant was sufficient. Since 1 November 2020, the provision has applied only to advice on activities listed elsewhere in the Act. These comprise buying and selling real estate or businesses, managing or holding money, securities or other assets in custody, opening and managing bank accounts and securities accounts, and the formation, operation or management of a company or other legal entity (Section 5(1), letter j)). They also include company services, such as company formation, acting as a statutory governing body for third parties, or providing a registered office and an address for service (Section 9, letter b)).

How the Financial Intelligence Unit assesses this

FSJ addresses this precise situation in its frequently asked questions. A company that does not carry out the activities under Section 5(1), letter j) or Section 9, letter b) will not be classified as an obliged entity (FSJ, questions concerning obliged entities, question No. 5). In the same document, however, FSJ states as a general rule that obliged entity status arises upon registration of an activity on the basis of which a business can be classified as an obliged entity. Where the name of an activity is so broad that its scope cannot be determined in advance, FSJ applies a substantive approach during inspections. If it finds that the company does not carry out such an activity, it checks only compliance with Section 20, particularly the internal AML programme requirement (question No. 4). This is the authority’s interpretation, rather than the wording of the Act.

If you carry out any of these activities

Consider the company’s entire business, rather than just a single registered trade. Obliged entities also include, for example, company service providers, including providers of registered offices (Section 5(1), letter k)), accountants (Section 5(1), letter h)), and any business that carries out a cash transaction worth at least 10 000 euros, including linked transactions reaching that amount in aggregate (Section 5(3)).

An obliged entity must have a written internal AML programme in the state language, approved by its statutory governing body, and must provide employees with training on the programme at least once per calendar year and always before assigning an employee to work involving duties under the Act (Section 20(1) and (3)). It must register in the Financial Intelligence Unit’s goAML system within 30 days of becoming an obliged entity (Section 21(2)). Those who were already obliged entities before 1 June 2026 have until 30 November 2026 to register (Section 36d(1)). FSJ may impose a fine for failure to comply with these obligations (Section 33(1) and (3)). Registration is discussed in more detail in the article on goAML registration and beneficial owner verification following the AML amendment.

What to do with a trade you do not carry on

The safest course is to terminate an unnecessary trade authorisation. The trade authorisation terminates on the date stated in the notice of cessation of business, unless the trade licensing authority has already commenced proceedings to revoke it on certain statutory grounds or to impose a fine (Section 57(1), letter g) of Act No. 455/1991 Zb. on Trade Licensing). For a company, the Commercial Register entry must also be amended. For the purposes of that register, the business activities are those set out in the founding document (Section 2, letter k) of Act No. 29/2026 Z. z. on the Commercial Register), and the memorandum of association of a limited liability company (s. r. o.) must state its business activities (Section 110(1), letter c) of the Commercial Code, Act No. 513/1991 Zb.). Narrowing the business activities of an s. r. o. therefore also requires an amendment to its memorandum of association. If you retain the trade authorisation for future use, bear in mind that FSJ may still require an internal AML programme, and keep records of the services you actually provide and to whom.

We will review your company’s registered business activities and actual operations and provide a written assessment of whether you are an obliged entity. If you are, we will prepare an internal AML programme and client identification procedures. If you are not, we will propose an amendment to the register entry. We provide this assistance through our AML for businesses service. The obligations of estate agencies, which are obliged entities directly under the Act, are summarised in the question on AML obligations of estate agencies.