According to data provided by the Polish Financial Supervision Authority (KNF), in the period January - October 2018 almost every second (15 out of 32 proceedings) AML / CFT control (counteracting money laundering and terrorist financing) was carried out in national payment institutions (KIP). The other entities supervised by KNF were far less interesting for KNF to carry out controls, for example commercial banks (10/32), cooperative banks (3/32), investment companies (4/32), Investment Fund Companies (TFI) (no control), life insurance companies (no control) or cooperative savings credit funds (SKOK) (no control).
What is important, in 2016-2017, only every fifty KNF inspection took place in a payment institution. In our opinion, the current trend of increased market control of national payment institutions will be maintained in 2019.
The irregularities detected by the KNF mainly concerned the issue of: training of employees in the field of AML / CFT, application of financial security measures (irregularities in the identification of the actual beneficiary), late notifications to the General Inspector of Financial Information (GIIF) or lack of a staff replacement system.
We invite you to contact our Law Firm, which offers services in the field of:
- implementation of AML / CFT anti-money laundering and counteracting financing of terrorism regulations,
- training for personnel in the field of AML / CFT,