Politically exposed person

Chaseflex s.r.o. operates Currency Buyback under Czech anti-money laundering rules, in particular Act No. 253/2008 Coll., on selected measures against money laundering and terrorist financing. That Act uses a wide definition of a politically exposed person (PEP).

Who is a politically exposed person?

For these rules, a politically exposed person includes:

• A natural person who holds, or has held, a prominent public function of national or regional importance. Examples include a head of state, a head of government, a minister or deputy minister, a member of parliament, a member of the governing body of a political party, a senior representative of regional or local government, a judge of a supreme or constitutional court, a member of a central bank board, a high-ranking officer of the armed forces or a security corps, a member of the governing body of a state-controlled company, and an ambassador or head of a diplomatic mission. The same applies to a person who holds or held a comparable function in another country, in a body of the European Union, or in an international organisation.
• A person close to someone in that position. That includes direct relatives such as parents, grandparents, children, and grandchildren; a sibling; a spouse or partner and their relatives by marriage; a person who lives with them permanently; and someone whose relationship is close enough that harm to one of them would reasonably be felt as harm to the other.
• A business partner or beneficial owner of the same legal entity, trust, or similar arrangement as that person, or someone known to be in another close business relationship with them.
• The beneficial owner of a legal entity, trust, or similar arrangement that was set up for the benefit of that person.

What you need to tell us

If you are a politically exposed person, or you become one, tell Chaseflex s.r.o. before each exchange of foreign currency. You can email info@currencybuyback.com or say so when you contact us about an order. We may then ask for extra information before we complete the exchange.

The current wording of Act No. 253/2008 Coll. is published by the Czech authorities. You can read it on Zákony pro lidi.