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Banking and payment services: A reminder of the changes to UAML effective July 31, 2021

Banking and payment services: A reminder of the changes to UAML effective July 31, 2021

From 31 July 2021, the catalog of entities obliged to apply the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Act (UAML) will include:

  • traders providing services consisting in preparing declarations, maintaining tax books, giving advice, opinions or explanations on tax or customs legislation, not being other obliged institutions,
  • real estate agents,
  • businesses trading or acting as intermediaries in works of art, collector's items and antiques.

At the end of this month, the provisions of the UAML, concerning cooperation between the General Inspector of Financial Information and the Polish Financial Supervision Authority with the competent authorities of the Member States who supervise or control the observance of anti-money laundering and anti-terrorist financing regulations by entities, also come into force. Therefore, the aforementioned authorities will have the ability to disclose and obtain information from such EU Member’s authorities.

The next significant amendments to the UAML are scheduled for October 31, 2021. 



Aleksandra Walas

Lawyer

Aleksandra Walas

Associate

Aleksandra Walas

Contact:

Rondo ONZ 1
00-124 Warsaw