Poland Cracks Down on Financial Fraud with New Legislation
Warsaw, Poland - February 10, 2023 - In a bid to combat fraudulent activities in the financial sector, Poland has introduced new legislation aimed at preventing money laundering and terrorist financing.
The Act of December 1, 2022, on the Financial Information System (FIS)
The FIS is designed to prevent directory crimes, recognize, detect, and prevent money laundering and terrorist financing by sharing information with European authorities. The system will be operated through an advanced ICT system, with the Head of the National Revenue Administration responsible for its operation.
Key Features of the Act
- Financial institutions, including banks, investment firms, payment institutions, and undertakings that provide safe deposit boxes, are required to submit detailed information on account holders and contract agreements to the FIS.
- Sensitive data includes:
- Account numbers
- Taxpayer identification numbers
- Categories of data regarding account holders
- Sensitive data includes:
- A five-year retention period for recorded information allows authorities to track and trace financial transactions over an extended period.
- The Act amends the Act on Counteracting Money Laundering and Financing of Terrorism, introducing rules on sharing financial analysis between authorized bodies.
Impact on Financial Sector
The move is seen as a major step in combating financial fraud and ensuring transparency in Poland’s financial sector. With the FIS in place, authorities can now quickly identify account holders and trace suspicious transactions, helping to bring perpetrators of financial crimes to justice.
By implementing these measures, Poland is demonstrating its commitment to preventing financial fraud and protecting the integrity of its financial system.