ID Verification: A Crucial Step in Polish Anti-Money Laundering Regulations
In the fight against money laundering, identity verification is a crucial step that cannot be overlooked. In Poland, regulations require businesses to verify the identities of their customers and maintain accurate records for at least five years.
Identity Verification Process
According to Shufti Pro, a leading provider of identity verification services, the company uses specialized technology to verify the authenticity of documents submitted by customers. This includes checks on security features such as:
- Holograms
- Tapered edges
- Microprinting
- Reflected colors
Required Documents for Identity Verification
Polish regulations consider the following documents as proof of identity:
- Valid passport
- Valid driver’s license
- National Identity Card
- Residence Permit/Card
Similarly, for address verification, the following documents are accepted:
- Current utility bill (gas, electricity, telephone, or mobile phone bill) that shows the customer’s address and name
- Document issued by a government department that shows the customer’s address
- Bank statement that shows the customer’s address and name
Timing of Verification
Identity verification is not a one-time process. It must be repeated in multiple instances as per regulations. Businesses must verify identities:
- When onboarding new customers
- Whenever they handle transaction data above monetary thresholds defined by Polish regulations
- In high-risk situations to prevent exposure to money laundering-related threats
Politically Exposed Persons (PEPs) and Enhanced Due Diligence
As part of Enhanced Due Diligence requirements under Polish regulations, businesses must determine if their customers are PEPs or exhibit higher risk profiles. Shufti Pro provides an AML Screening service that screens individuals’ ID attributes against:
- Global regulatory authorities
- Foreign and domestic databases
- Compromised PEPs
- Sanctioned individuals
The service highlights the category of the PEP based on the degree of risks they pose and also any immediate family members or close associates of the PEP. Businesses may use this service as per their requirements, including before or after establishing a relationship with their customers.
Reliance on External Services
Polish regulations allow businesses to seek the services of third-party providers for anti-money laundering measures. However, businesses remain liable for maintaining compliance and fulfilling AML and KYC obligations, even when relying on external services.
In this scenario, Shufti Pro acts as an external third-party service provider, processing and managing data for its clients. Businesses are responsible for collecting all necessary information from the third party without undue delay.
Record Retention
As per Polish regulations, businesses must retain data for at least five years. This is part of their AML and KYC obligations for due diligence. In cases where this information is processed, collected, and managed by a relevant third-party provider, businesses are liable to collect all necessary information from the third party without undue delay.
By adhering to these regulations and guidelines, businesses can ensure compliance with Polish anti-money laundering laws and protect their reputation in the market.