One of the fields of expertise of our Law Firm are AML (Anti Money Laundering) audits – in the implementation of anti-money laundering and terrorist financing systems in obliged institutions.
Our lawyers provide professional advisory services related to the performance by obliged institutions of obligations regarding AML, offering e.g.
AML Risk Assessment
First of all, obliged institutions recognize and assess the risk of money laundering and terrorist financing related to business relations concluded with customers or with occasional transactions carried out by them. On the basis of this risk and its assessment, they apply financial security measures, the task of which is primarily to obtain information about their clients and the purpose for which they use the services and products offered by obliged institutions.
Obliged institutions notify the General Inspector of Financial Information (GIIF) about circumstances that may indicate suspicion of committing a crime of money laundering or terrorist financing, as well as cases of reasonable suspicion that a specific transaction or specific property values may be related to one or another of the above-mentioned crimes.
Counteracting money laundering and terrorist financing
Obliged institutions also provide the GIIF with information on the so-called above-threshold transactions, i.e. those whose equivalent exceeds the value of EUR 15,000 and which are:
At the request of the GIIF, obliged institutions shall block accounts and suspend transactions and shall transmit or make available to it the information and documents in their possession. They also suspend transactions or block an account on the basis of an appropriate decision of the prosecutor.
In order to counteract terrorism and terrorist financing, obliged institutions also apply special restrictive measures against persons and entities indicated in the lists published in the Public Information Bulletin on the website of the minister competent for public finances.
Obliged institutions are controlled by the GIIF in the scope of fulfilling their obligations in the area of counteracting money laundering and terrorist financing.
Control of AML obligations
Within the scope of their competences, the control of obliged institutions is also carried out on the terms set out in separate regulations:
· The President of the NBP (in relation to entities conducting business activity
· Financial Supervision Authority (in relation to institutions supervised by it),
· National Association of Cooperative Savings and Credit Unions (in relation to
to cooperative savings and credit unions),
· presidents of courts of appeal (for notaries),
· heads of customs and tax offices (in relation to all
· voivodes or starosts – in relation to associations.
Obliged institutions apply numerous obligations consisting, m.in, in:
- assessment of the risk of money laundering and terrorist financing and risk assessment of obliged institutions
- the application of financial security measures and numerous other obligations of obliged institutions resulting from the obligation to report beneficial owners in the Central Register of Beneficial Owners, to transmit and collect information or to suspend transactions and block accounts.
Penalties for non-compliance with AML obligations
Notwithstanding administrative penalties and fines, persons acting in the name or on behalf of an obliged institution who fail to comply with the obligation to provide the GIIF with a notification of circumstances that may indicate a suspicion of committing a crime of money laundering or terrorist financing, or an obligation to provide the GIIF with a notification of reasonable suspicion that a particular transaction or property values being the subject of this transaction may be related to money laundering or terrorist financing, or they provide the GIIF with false or conceal true data on transactions, accounts or persons subject to imprisonment from 3 months to 5 years