Who Is Subject to the AML Act
Poland's Anti-Money Laundering Act (2018) covers not only banks and financial institutions, but also: accounting firms, real estate agents, tax advisors, law firms (in certain scope), currency exchange offices, crypto exchanges (VASPs), factoring and leasing companies.
Basic Obligations of Obliged Entities
Designating an AML compliance officer, developing and implementing an internal procedure, client identification and verification (KYC), client risk assessment, applying financial security measures, transaction monitoring, reporting suspicious transactions to GIIF.
KYC — Client Identification
Before establishing a business relationship: establishing the identity of the client and beneficial owner, document verification, determining the ownership structure, assessing the purpose of the business relationship. For PEPs (Politically Exposed Persons) — enhanced due diligence.
CRBR — Central Register of Beneficial Owners
Every company registered in KRS must report beneficial owners to CRBR within 7 business days of registration (or changes). Penalty for non-reporting: up to PLN 1,000,000.
Internal AML Procedure — Required Contents
Risk identification and assessment rules, financial security measures application, document retention rules, employee training system, suspicious transaction reporting rules, anonymous violation reporting procedure (whistleblowing).
Penalties for Non-Compliance
Administrative fines: up to EUR 5 million or 10% of turnover. Criminal liability: up to 5 years imprisonment for failure to fulfill AML obligations. GIIF conducts regular inspections — increasingly at smaller obliged entities.
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