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Poland Introduces Tough Anti-Terrorist Financing Regulations
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In a bid to combat money laundering and terrorist financing, Poland has introduced stringent regulations for obligated institutions. The new rules require entities to act as filters, identifying and reporting suspicious transactions.
Who Falls Under the Regulations?
The regulations apply to specific entities explicitly mentioned in the law, known as obligated institutions. These include:
- Banks
- Credit and financial institutions
- Investment firms
- Investment funds
Interestingly, the Polish legislator has also included other entities not typically associated with anti-money laundering and counter-terrorist financing obligations, such as:
- Entrepreneurs providing services related to registered offices or accounting bookkeeping
Internal AML Documentation
The most crucial internal document in the field of anti-money laundering and counter-terrorist financing is the risk assessment related to money laundering and terrorist financing. This document determines all further actions taken by the obligated institution. The risk assessment must include factors such as:
- Customer risks
- Country risks
- Product and service risks
- Transaction risks
Customer Verification and Identification
The regulations require obligated institutions to exercise due diligence when establishing business relationships with customers. This includes:
- Identifying customer identities before conducting transactions
- Verifying customer information
- Identifying beneficial owners
- Taking reasonable measures to verify their identities
Employee Obligations
Obligated institutions are required to provide employees performing duties related to anti-money laundering and counter-terrorist financing with training on the implementation of these obligations, including data protection issues. Employees should also be enabled to report actual or potential violations anonymously.
Reporting Violations
In specific situations, obligated institutions must report suspected money laundering or terrorist financing activities to relevant authorities. This includes reporting discrepancies between customer information and Central Register of Beneficial Owners.
Penalties for Non-Compliance
Failure to comply with the regulations can result in administrative penalties, including:
- Publication of information about the obligated institution
- Orders to cease specific actions
- Revocation of concessions
- Fines
- Criminal sanctions
Conclusion
Poland’s anti-money laundering and counter-terrorist financing regulations aim to create an effective system for fighting financial crime. Obligated institutions must take steps to comply with these regulations to avoid severe penalties. Entrepreneurs in Poland should determine whether their company is considered an obligated institution and adjust their business activities accordingly.