Poland Strengthens Whistleblower Protection for Financial Institutions

As part of its commitment to implement European Union directives, Poland is set to strengthen whistleblower protection for financial institutions and other organizations.

Background

Whistleblowers play a crucial role in detecting irregularities and preventing abuse in the workplace. The government has recently submitted a bill on whistleblower protection to the Sejm, which is expected to enter into force within three months.

Entities Covered by the Bill

The bill covers organizations operating in various sectors, including:

Financial services
Products and markets
Anti-money laundering and countering the financing of terrorism
Transport safety
Environmental protection

These entities will need to implement whistleblower protection measures regardless of their size.

Obligations for Organizations

Organizations required to establish internal whistleblowing procedures must also fulfill several obligations, including:

Consulting with trade unions on implementation
Preparing documents authorizing specific persons to conduct investigations
Ensuring data protection
Providing training for staff
Conducting follow-up activities
Monitoring the legislation

Urgency of Compliance

KPMG Law, a leading provider of legal services in Poland, is urging organizations to take immediate action to prepare for the new obligations. “Given the short timeline for implementation, it’s essential that employers take appropriate steps now to ensure compliance,” said a spokesperson for KPMG Law.

Implementation Timeline and Support

The bill is expected to enter into force within three months, with certain exceptions. In the meantime, organizations can seek support from KPMG Law in preparing and implementing internal procedures, conducting investigations, and complying with other requirements under the whistleblowers protection regulations.

In related news, the European Court of Justice recently issued a judgment against Poland for failing to implement whistleblower regulations into its legal system on time. Poland was ordered to pay a lump sum of EUR 7 million and a daily fine of EUR 40,000 until the regulations are adopted.

Next Steps

The government draft law on whistleblower protection was referred to the first reading in committees earlier this month, marking another step towards implementing the EU directive.