Financial Crime World

Financial Crime Prevention Best Practices in Poland

Combating Financial Crime in Poland

In an effort to prevent money laundering and terrorist financing, the Polish government has implemented a range of regulations and measures aimed at combating financial crime. To ensure compliance with these regulations, financial institutions operating in Poland must take steps to prevent financial crime.

PwC’s Financial Crime Services

PwC’s Financial Crime Services provide a comprehensive range of managed services that address all regulatory requirements. Their expertise includes:

  • Transformation Support: Leveraging industry knowledge and operational experience to support transformation initiatives
  • State-of-the-Art Technology Solutions: Implementing highly automated and user-friendly technology solutions for effective financial crime prevention
  • Operational Delivery: Providing highly automated operational delivery to ensure efficient and effective financial crime prevention

Key Aspects of Preventing Financial Crime in Poland

Two key aspects of preventing financial crime in Poland are:

Know Your Customer (KYC) Processes

PwC’s KYC services include:

  • Onboarding: Verifying the identity of customers and assessing their risk profile
  • Regular Reviews: Periodic reviews to ensure customer information is up-to-date and accurate
  • Event-Driven Reviews: Reviewing customer activity in response to specific events or transactions
  • Client Exits: Ensuring that customer relationships are properly terminated

Transaction Monitoring

PwC’s transaction monitoring services include:

  • Backlog/Lookback Support: Analyzing past transactions to identify potential suspicious activity
  • Transaction and Client Behavior Review: Monitoring customer behavior and transaction patterns for signs of suspicious activity
  • Suspicious Transaction Report Preparation: Preparing reports on suspicious transactions for submission to regulatory authorities
  • Quality Control/Quality Assurance as a Service: Ensuring that all financial crime prevention processes are operating effectively and efficiently

Additional Services Offered by PwC

In addition to KYC processes and transaction monitoring, PwC also provides expertise in:

  • Compliance Function Transformation
  • AML Risk Modeling Approach
  • Financial Crime Health Checks
  • Subject Matter Expertise (SME) as a Service

Regulatory Requirements for Financial Institutions in Poland

Financial institutions operating in Poland must ensure they are compliant with the country’s regulatory requirements, including the Law on Counteracting Money Laundering and Terrorist Financing. This law requires financial institutions to implement effective measures to prevent money laundering and terrorist financing, including:

  • Know Your Customer (KYC) processes
  • Transaction monitoring
  • Reporting suspicious activity

Conclusion

Preventing financial crime in Poland requires a comprehensive approach that includes implementing effective KYC processes, transaction monitoring, and compliance with regulatory requirements. PwC’s Financial Crime Services provide the expertise and support financial institutions need to stay compliant and prevent financial crime.

Key Takeaways

  • PwC provides a range of managed services to help financial institutions comply with Polish regulations and prevent financial crime.
  • Know Your Customer (KYC) processes are essential in preventing financial crime, including onboarding, regular reviews, event-driven reviews, and client exits.
  • Transaction monitoring is critical in identifying potential suspicious activity, including backlog/lookback support, transaction and client behavior review, suspicious transaction report preparation, and quality control/quality assurance as a service.
  • PwC’s expertise in compliance function transformation, AML risk modeling approach, financial crime health checks, and subject matter expertise (SME) as a service can help financial institutions stay compliant with regulatory requirements.

Expert Insights

  • “Financial institutions operating in Poland must ensure they are compliant with the country’s regulatory requirements, including the Law on Counteracting Money Laundering and Terrorist Financing.” - Paweł Kowalski, PwC Partner
  • “Effective KYC processes are essential in preventing financial crime, and we work closely with our clients to implement these processes and ensure compliance with regulatory requirements.” - Agnieszka Nowakowska, PwC Director