Financial Crime World

Financial Crime Prevention Best Practices in Poland

Poland’s economy and strategic location make it an attractive target for illicit money laundering activities. To combat this threat, the country has implemented a comprehensive framework of anti-money laundering (AML) regulations and best practices.

The Risk of Money Laundering in Poland

Primary Sources of Illicit Funds

  • Organized crime
  • Customs tax evasion
  • Virtual currencies (particularly Bitcoin)
  • Profits generated by organized criminal entities through tax evasion and the sale of counterfeit goods using money transfers and couriers

AML Regulators and Regulations

Poland has a robust regulatory framework to combat money laundering, with oversight provided by several key bodies:

Key AML Regulatory Bodies

  • General Inspector of Financial Information
  • Minister responsible for public finance
  • Polish Financial Supervision Authority

Relevant AML Regulations

  • AML Act
  • Act on Countering Money Laundering and Financing of Terrorism
  • Criminal Fiscal Code
  • Banking Act

AML Obligations in Poland

Entities in Poland must establish internal AML compliance programs to combat money laundering and the financing of terrorism. These programs involve:

Key AML Compliance Program Requirements

  • Implementing financial security measures for customers in specific circumstances
  • Conducting thorough Know Your Customer (KYC) procedures
  • Maintaining records of customer recognition procedures
  • Submitting Suspicious Activity Reports (SARs) as necessary

Poland’s FATF Status

Poland is not currently listed among the countries identified by the Financial Action Task Force (FATF) as having significant deficiencies in their AML efforts.

FATF Compliance Status

  • Complies fully with 2 of the FATF’s 40 Recommendations
  • Has substantial compliance with 21 of them

Best Practices for Financial Crime Prevention in Poland

To stay compliant with Polish AML regulations, financial institutions and other entities should:

Key Best Practices

  • Establish robust internal AML compliance programs
  • Implement effective KYC procedures
  • Conduct regular customer screening and monitoring
  • Submit SARs as necessary
  • Designate a senior management official responsible for overseeing AML obligations
  • Provide training programs for relevant personnel on AML compliance