Poland Stiffens Measures Against Terrorist Financing
Poland has taken significant steps to strengthen its efforts against money laundering and terrorist financing by introducing strict regulations for institutions operating within its borders. The new measures, outlined in the Act on Prevention of Money Laundering and Terrorist Financing, aim to create a robust system that identifies and reports suspicious transactions.
Scope of Regulations The regulations apply to a range of entities, including:
- Banks
- Credit and financial institutions
- Investment firms
- Entrepreneurs who provide services related to registered offices or accounting
These obligated institutions are required to identify potential risks associated with money laundering and terrorist financing and take measures to mitigate them.
Key Obligations
- Preparation of internal documentation, including:
- Risk assessment
- Internal procedure for anti-money laundering and counter-terrorist financing
- Customer verification and identification, including:
- Identifying beneficial owners
- Assessing business relationships
- Monitoring ongoing transactions
- Employee training on anti-money laundering and counter-terrorist financing regulations, including data protection issues
- Anonymous reporting of potential violations
Consequences of Non-Compliance Failing to comply with these obligations can result in severe penalties, including:
- Administrative fines
- Criminal sanctions
The Polish authorities have made it clear that they will not tolerate non-compliance, and entrepreneurs operating within the country would be wise to ensure they are meeting the new regulations.
Importance of Compliance
“Entrepreneurs in Poland should determine whether their company is an obligated institution and adjust their business activities accordingly. The sanctions for non-compliance are relatively high, so it’s crucial to get it right.” - Jakub Mazur, trainee at Grant Thornton legal advisory
Government Commitment The Polish government’s efforts to combat money laundering and terrorist financing demonstrate its commitment to maintaining a robust financial system that protects the country from illicit activities. As the global fight against financial crime continues, Poland’s measures serve as an important reminder of the importance of compliance and cooperation between governments and institutions.