Courts and Judges: New Rules to Combat Money Laundering
In an effort to combat money laundering and terrorist financing, Poland has introduced new rules that will impact several categories of individuals and institutions. According to the latest regulations, certain public officials, judges, and members of administrative bodies are now required to be monitored more closely to prevent their involvement in illegal activities.
Public Officials Under Scrutiny
The new rules target a wide range of public officials, including:
- Members of the Court of Auditors or Central Bank management boards
- Ambassadors, chargés d’affairs, and senior officers of armed forces
- Directors, deputy directors, and members of governing bodies of international organizations
- Heads of local offices of special governmental administration
These individuals are considered high-risk due to their positions of power and influence. The regulations require obligated institutions to conduct enhanced due diligence on these individuals and report any suspicious transactions to the relevant authorities.
Other Categories Impacted
The new rules also apply to:
- Directors, deputy directors, and members of management boards of state-owned enterprises
- Directors general in offices of supreme audit institutions, central banks, and other financial institutions
- Judges and members of the Supreme Court
These individuals are considered high-risk due to their positions of authority and the potential for them to be involved in illegal activities.
Obligated Institutions Must Act
The regulations require obligated institutions to:
- Appoint senior management members responsible for ensuring compliance with the new rules
- Conduct regular monitoring and reporting on transactions involving the above-mentioned individuals
Key Provisions
• Obligated institutions must conduct enhanced due diligence on high-risk individuals • Senior management members must be appointed to ensure compliance • Regular monitoring and reporting of transactions are required
The new regulations aim to strengthen Poland’s efforts to combat money laundering and terrorist financing, and obligated institutions must adapt quickly to comply with the changes.