Financial Crime World

Poland Fights Money Laundering Efforts Get Boost from FATF Recommendations

Combating Financial Crimes in the Regional Hub

Warsaw - Poland’s robust economy and status as a regional financial hub make it a prime target for money laundering activities. Organized crime groups exploit weaknesses in customs, tax evasion, and virtual currencies to generate illicit funds.

Sources of Illicit Funds

  • Official data shows that organized crime and customs tax evasion are the primary sources of illegal funds
  • Profits generated through tax evasion and counterfeit goods sales are increasingly being funneled out of the country

Hotspots for Organized Crime

  • The China Trade Center in Wolka Kosowska is a significant hub for organized crime activities, with undervalued imported goods being smuggled into the country through falsified invoices
  • Authorities have raised suspicions regarding counterfeit goods and illegal drug trafficking within these markets

Regulatory Framework and Anti-Money Laundering Efforts

Poland has a robust regulatory framework in place to combat money laundering, overseen by several key bodies:

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

Relevant regulations governing anti-money laundering efforts include:

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

Entity Requirements

Entities in Poland must establish internal anti-money laundering (AML) compliance programs, including:

  • Financial security measures for customers
  • Thorough Know Your Customer procedures
  • Records of customer recognition procedures maintained within prescribed timeframes
  • Customer screening extended to suspicious cases and specified intervals

FATF Compliance Status

Poland’s FATF status is currently satisfactory, with the country:

  • Fully complying with 2 out of 40 Financial Action Task Force (FATF) Recommendations
  • Having substantial compliance with 21 recommendations
  • Receiving a high rating for none of the criteria and a substantial rating for 3
  • Maintaining strong overall effectiveness and technical compliance ratings

Anti-Money Laundering Solutions for Polish Companies

Sanction Scanner offers cutting-edge anti-money laundering solutions utilizing advanced technologies to aid Polish companies in meeting their AML standards. Our streamlined AML compliance processes enable Polish-based companies to meet their legal requirements with ease.

Learn More

For more information or to schedule a demonstration, visit our website today!