Tax customs & excise

The Ministry of Finance plans to introduce the Financial Information System

The Ministry of Finance plans to introduce the Financial Information System. This is to collect, process, and share information about open and closed accounts. The new regulations most probably will apply in particular to bank accounts, SKOK accounts, securities accounts, and agreements on the provision of safe deposit boxes. At this stage it is unclear if non-bank payment accounts (PSD2 Directive) will be covered by the System.

According to the Ministry, the new regulations respond to the need to implement EU regulations to the Polish legal system regarding enhancing security, improving prosecution of financial crimes, combating money laundering, and preventing tax crimes.

The announced purpose of introducing the Financial Information System is:

(i) to facilitate the locating of assets in connection with the proceedings conducted by certain entities (e.g. departments, courts, and public authorities),

(ii) introducing „proactive analysis” – i.e. analyzing wholesale data collected in the registry to select those accounts that can be used for criminal activities,

(iii) reducing the operating costs and the bureaucratic burden on public administration and financial institutions.

The draft bill is to be adopted by the government in the first quarter of 2021.

Author team leader DKP Legal Piotr Putyra
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