Financial Crime World

Internal Controls Crucial to Preventing Financial Crimes in Poland

Poland’s robust high-income economy has made it an attractive hub for illicit money laundering activities. According to official data, organized crime and customs tax evasion are the primary sources of illicit funds in the country.

Money Laundering Hotspots

The China Trade Center in Wolka Kosowska, a suburb of Warsaw, has been identified as a hub for organized crime activities in Asia. The prevalent modus operandi involves undervaluing imported goods through the falsification of invoices to manipulate customs valuations and value-added tax (VAT). Counterfeit goods and illegal drug trafficking are also suspected within these markets.

AML Regulations in Poland

To combat money laundering, numerous regulatory bodies have made it mandatory for various entities to adhere to anti-money laundering (AML) regulations. These entities include banks, investment firms, payment service providers, auction platforms, insurance companies, currency exchange offices, virtual currency providers, select notaries and lawyers, real estate agents, postal operators, entities within the gambling and betting industry, as well as lending institutions.

Poland’s Regulatory Framework

The country maintains a robust regulatory framework to combat money laundering, with oversight provided by several key bodies:

  • The General Inspector of Financial Information
  • The Minister responsible for public finance
  • The Polish Financial Supervision Authority
  • The National Bank of Poland
  • The Supreme Chamber of Control

Relevant Regulations

Key regulations governing AML efforts in Poland include:

  • The AML Act
  • The Act of 16 November 2000 on Countering Money Laundering and Financing of Terrorism
  • The Criminal Fiscal Code of 10 September 1999
  • The Banking Act of 29 August 1997

Internal Controls for AML Compliance

Entities in Poland must establish internal AML compliance programs to combat money laundering and the financing of terrorism. These programs involve implementing financial security measures for customers in specific circumstances and conducting thorough Know Your Customer (KYC) procedures. Records of customer recognition procedures must be maintained within prescribed timeframes, and customer screening should not be limited to initial transactions but also extended to suspicious cases and specified intervals.

FATF Status

Poland is not currently listed among the countries identified by the Financial Action Task Force (FATF) as having significant deficiencies in their anti-money laundering (AML) efforts. The most recent assessment of Poland’s compliance with AML and counter-terrorist financing standards was conducted in December 2021.

Sanction Scanner Solutions

Sanction Scanner is a dependable partner in Poland’s changing financial environment, where strict laws override every transaction. We provide incredibly effective anti-money laundering solutions by utilizing cutting-edge technologies. Our technology streamlines AML compliance processes, allowing Polish-based companies to meet their AML standards easily. Visit our website to get in touch with us or to ask for a demonstration, then start your path to success while adhering to all Polish legal requirements.