Financial Crime World

Poland Cracks Down on Financial Crime: Banking Regulations to Combat Money Laundering

Strengthening Anti-Money Laundering Efforts in Poland

In its bid to combat financial crime and money laundering, Poland has strengthened its banking regulations, positioning itself as a regional financial hub in Europe. The country’s efforts aim to prevent the misuse of virtual currencies like Bitcoin for illicit activities.

Money Laundering Hotspots in Poland

  • China Trade Center in Wolka Kosowska: This location is a notable hub for organized crime activities in Poland.
  • Undervaluing imported goods: Organized crime groups in Poland often undervalue imported goods by falsifying invoices to manipulate customs valuations and applicable value-added tax (VAT).
  • Counterfeit goods and illegal drug trafficking: Polish authorities have raised suspicions regarding counterfeit goods and illegal drug trafficking within these markets.

AML Regulators and Regulations

Regulatory bodies in Poland have made it mandatory for various entities, including:

  • 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

to adhere to anti-money laundering (AML) regulations.

Poland’s AML Regulatory Framework

Poland maintains a robust regulatory framework to combat money laundering, with oversight provided by:

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

Relevant regulations governing AML efforts in Poland include:

  • The AML Act
  • The Act of 16 November 2000 on Countering Money Laundering and Financing of Terrorism
  • The Criminal Fiscal Code of 10 September 1999
  • The Banking Act of 29 August 1997

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:

  • Implementing financial security measures for customers in specific circumstances
  • Conducting thorough Know Your Customer (KYC) procedures
  • Maintaining records of customer recognition procedures within prescribed timeframes
  • Screening customers to detect suspicious cases and specified intervals

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 anti-money laundering (AML) efforts.

Sanction Scanner Solutions

Sanction Scanner offers effective anti-money laundering solutions using cutting-edge technologies. Our technology streamlines AML compliance processes, allowing Polish-based companies to meet their AML standards easily. Visit our website to get in touch with us or to ask for a demonstration, then start your path to success while adhering to all Polish legal requirements.