1. Are there any sanctions imposed against Poland?
There are no sanctions imposed on Poland.
2. What are the regulated institutions in Poland?
Banks, investment firms, payment institutions, auction platforms, insurance companies, exchange offices, virtual currencies, some notaries and lawyers, real estate agents, postal operators, institutions operating in the field of gambling betting, lending institutions, etc.
3. Who are the local regulatory authorities in Poland and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
The General Inspector of Financial Information, Minister responsible for public finance, Polish Financial Supervision Authority, National Bank of Poland, Supreme Chamber of Control.
4. What is the status of Poland's FATF?
Poland is a member state obliged to comply with FATF recommendations. Poland is not on the AML deficiencies List determined by the FATF. FATF conducted the last Mutual Assessment Report on the implementation of anti-money laundering and counter-terrorism financing standards in 2013 in Poland. According to this report of the FATF, Poland is Compliant for 6 of the recommendations and Largely Compliant for 24 of the recommendations.
5. Which global regulations Poland have to comply with?
Since Poland is a member of the European Union, it has to comply with the EU Anti-Money Laundering Directives, as well as being a member of the FATF, it has to comply with the FATF 40 Recommendations.
6. What are the AML obligations of the businesses in Poland ?
Implementing an internal AML compliance program to combat money laundering and financing of terrorism, applying financial security measures to customers in certain situations e.g. Know Your Customer (KYC) procedures, reporting to the Inspector General of Financial Information in suspicious cases, the top management responsible for the implementation of the duties specified in the Polish AML Law appointment, making training programs for responsible personnel covering the fulfillment of AML obligations,etc.
7. What are the local AML laws and regulations in Poland?
AML Act, The Act of 16 November 2000 on Counteracting Money Laundering and Terrorism Financing, Journal of Laws of 2010, The Criminal Fiscal Code of 10 September 1999, The Banking Act of 29 August 1997.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Poland?
Failure to comply with duties imposed by the AML Act can be punishable by imprisonment of up to 3 years or a fine of up to 750,000 PLN.
9. What are the contact details of the relevant regulators in Poland?
Minister responsible for public finance
Świętokrzyska 12, 00-916 Warszawa
T: 801 055 055
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, the penalty imposed for non-compliance with money laundering obligations can be twice the profit or loss of the liable institution.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations?
Money laundering risks can be reduced by complying with Poland's money laundering regulations. Considering that these regulations can change frequently and that criminals will benefit from new technologies every time, obliged institutions can implement measures such as Know Your Customer (KYC), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Transaction Screening, Transaction Monitoring to comply with the regulations and reduce their risks. With Sanction Scanner solutions, businesses can easily perform these procedures in accordance with regulations.