Financial Crime World

Poland Takes Tough Stance on Anti-Terrorist Financing Regulations

As one of the largest economies within the European Union, Poland has been grappling with the threat of money laundering activities. According to official data, organized crime and customs tax evasion are the primary sources of illicit funds in the country. The use of virtual currencies, particularly Bitcoin, has also emerged as a significant tool for money laundering.

Investigating Money Laundering Activities

A recent investigation revealed that a significant portion of organized crime activities in Asia is taking place at the China Trade Center in Wolka Kosowska, just outside Warsaw. Authorities have uncovered a modus operandi where goods are imported undervalued through falsified invoices, which is used to manipulate customs valuations and evade value-added tax (VAT).

Regulatory Framework for Combating Money Laundering

To combat this menace, Poland has put in place a robust regulatory framework to prevent money laundering and the financing of terrorism. Several key regulatory bodies, including:

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

oversee Anti-Money Laundering (AML) efforts.

Requirements for Entities to Establish AML Programs

Under Polish law, entities such as:

  • 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
  • Lending institutions

are required to establish internal anti-money laundering compliance programs. These programs involve:

  • Implementing financial security measures for customers in specific circumstances
  • Conducting thorough Know Your Customer (KYC) procedures
  • Maintaining records of customer recognition procedures
  • Preparing and submitting Suspicious Activity Reports (SARs) to the Inspector General of Financial Information

Progress and Challenges

Poland has been praised for its efforts in combating money laundering, with a recent assessment by the Financial Action Task Force (FATF) finding that it had made significant progress in implementing anti-money laundering measures. While there is still room for improvement, Poland’s high rating on AML effectiveness and technical compliance ratings is a testament to its commitment to tackling financial crimes.

Partnering with Sanction Scanner

In this challenging landscape, Sanction Scanner has emerged as a trusted partner for Polish companies seeking to navigate the complex web of anti-money laundering regulations. With cutting-edge technology that streamlines AML compliance processes, Sanction Scanner helps companies meet their AML standards while adhering to all relevant legal requirements.

By partnering with Sanction Scanner, Polish companies can ensure they are compliant with the latest AML regulations and stay ahead of money laundering threats.