Financial Crime World

Poland’s Financial Crime Prevention Strategies Under Scrutiny

As Poland’s economy continues to thrive, authorities are grappling with the threat of financial crime, particularly money laundering. The country’s proximity to Europe and its role as a regional financial hub make it an attractive target for illicit activities.

Primary Sources of Illegal Funds in Poland

  • Organized crime
  • Customs tax evasion
  • Virtual currencies like Bitcoin have created new avenues for money laundering

Criminal Organizations’ Methods

  • Money transfers
  • Couriers used to funnel profits generated from tax evasion and counterfeit goods out of the country

Hotspot for Organized Crime Activities

  • China Trade Center in Wolka Kosowska, just outside Warsaw
    • Illegal drug trafficking and counterfeit goods are suspected to be traded through these markets
    • Modus operandi: undervaluing imported goods by falsifying invoices to manipulate customs valuations and evade VAT

Poland’s Regulatory Framework for Anti-Money Laundering (AML)

  • Several key bodies oversee AML efforts, including:
    • General Inspector of Financial Information
    • Minister responsible for public finance
    • Polish Financial Supervision Authority
    • National Bank of Poland
    • Supreme Chamber of Control
  • Key regulations governing AML efforts in Poland include:
    • AML Act
    • Act on Countering Money Laundering and Financing of Terrorism
    • Criminal Fiscal Code
    • Banking Act

Obliged Institutions’ Responsibilities

  • Establish internal AML compliance programs to prevent money laundering and the financing of terrorism
  • Implement financial security measures for customers
  • Conduct thorough Know Your Customer procedures
  • Maintain records of customer recognition procedures
  • Submit Suspicious Activity Reports to the Inspector General of Financial Information
  • Designated senior management officials are responsible for overseeing AML obligations and providing training programs for relevant personnel

Poland’s Compliance with Anti-Money Laundering Efforts

  • Assessed by the Financial Action Task Force (FATF)
  • While significant deficiencies were found in 2021, Poland is no longer listed among countries identified as having major shortcomings
  • High rating for effectiveness and technical compliance ratings for none of the criteria

Sanction Scanner’s AML Solutions for Polish Companies

  • Cutting-edge anti-money laundering solutions tailored to Poland’s regulatory environment
  • Technology streamlines AML compliance processes, enabling Polish-based companies to meet their AML standards efficiently
  • Contact us or request a demo to learn more about our services and how we can help you navigate Poland’s financial landscape while ensuring compliance with legal requirements.