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Assessment of money laundering risk - obligated institutions must fulfill this obligation until January 13, 2019

Pursuant to the new AML Act (Act of March 1, 2018 on Counteracting Money Laundering and Terrorism Financing), which entered into force on July 13, 2018, each obligated institution is obliged to identify and assess the risks associated with money laundering and terrorism financing in the extent to which this risk relates to their businesses. When performing risk assessment, obligated institutions should primarily take into account risk factors such as: customers, geographical areas, products, services, transactions, supply channels.

The risk assessment should take the paper or electronic form of a document. This document should be updated at least once every two years. Importantly, the GIFI (General Inspector of Financial Information) may at any time request the obliged institution to provide a risk assessment prepared by given  entity.

Term for fulfillment of the obligation

According to art. 193 of the Act on Counteracting Money Laundering and Terrorist Financing, the first risk assessment should be carried out by the obligated institutions by 13 January 2018. What is more, according to the act, when assessing risk, obligated institutions may take into account the existing national risk assessment (prepared by the GIFI) as well as the report of the European Commission referred to in art. 6 par. 1-3 of Directive 2015/849.

The problem is the national risk assessment does not exist (the GIFI has time to prepare it until July 13, 2019), and the European Commission report exists, but concerns only cross-border activities, and therefore the risk of money laundering at the level of the European Union. Obligated institutions, however, have no choice as an administrative penalty will be imposed on them if they fail to prepare a risk assessment.

We invite you to contact our Law Firm, which offers services in the field of:

  • implementation of AML / CFT anti-money laundering and anti-terrorism financing regulations,
  • identification and assessment of risks related to money laundering and terrorist financing,
  • training for personnel in the field of AML / CFT.


Piotr Putyra

Lawyer

Piotr Putyra

Barrister, Partner

Piotr Putyra

Contact:

Rondo ONZ 1
00-124 Warsaw