Documents

Information about some of the acts that you will encounter when establishing a relationship or during your current business relationship with Komerční banka, a.s. related to the requirements stipulated by Act No. 253/2008 Coll., additional legislative measures and Société Générale Group's standards.

We have drawn up summarising information intended to give you guidance as to the ways in which you can defend yourselves against various types of efforts to abuse your data.

Komerční banka, a.s. (hereinafter referred to as the Bank) is a financial institutions that must strictly assess individual clients, transactions and business relationships in their business activities in order to exclude the risk of violating international sanctions measures. 

The Bank must not directly or indirectly participate in any way in a business relationship or transaction with clients or counterparties that are persons on binding sanctions lists, or in transactions by clients or third parties that could violate financial or trade embargoes.

In relation to executed or contemplated transactions with a possible risk of violation of international sanction, the Bank is obligated and therefore entitled to ask clients to provide additional information or documents. Notwithstanding the request for assistance during the inspection, the Bank is entitled to reject the transaction under review or to proceed directly to the blocking of financial resources if the assets of the sanctioned person are directly or indirectly involved.

In determining the scope of applied sanction measures, the Bank follows the instructions issued by:

1)  The Czech sanctioning authority, which is in first line the Government of the Czech Republic

2)  United nations security council

3)  European union

4)  United States of America-Office of Foreign Assets Control-OFAC

5)  Other sanction authorities of third countries such as:

Direction générale du Trésor, France or Office of Financial Sanctions Implementation, United Kingdom                                 

6)  Based on a risk assessment by the Société Générale financial group.

In addition to the Bank, other domestic or foreign financial institutions (correspondent banks) are usually involved in the processing of foreign trades, which may apply different and stricter rules, controls or directly strictly limit certain trades in the sanction area. The Bank is obliged to fully respect the approach of other participating institutions in the subject area and is not entitled to change or directly circumvent this approach in any way.

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Your privacy is very important for Komerční banka. This is the reason for our preparing this Statement. Information is provided here about which data KB collects and processes about its clients and why.

Komerční banka (herein after referred to as KB) is constantly striving to provide its clients with the highest quality of services. In order to do so,  KB was the first bank in the Czech Republic to have such aspirations and to confirm it throught the Quality Commitments.

Nevertheless, if you are not satisfied with the management of your account or with the services you were offered, do not hesitate to contact us. For more information about claims procedures, please see the section Complaints and claims resolution.

To ensure compliance with the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) regulations, Komerční banka is obliged to verify, identify and report to the specialised tax authority information on clients - non-resident taxpayers, US persons or other selected groups of clients.