Governmental draft novel to the Polish AML Act
The main changes covered by the draft amendment to the Act on counteracting money laundering and terrorist financing (hereinafter: AML Act):
- Extending the catalog of entities authorized to exchange information on the basis of the AML Act. As a rule, obligated institutions, their employees and other persons acting on behalf of and for the benefit of obligated institutions keep in secret the fact of providing the GIFI or other competent authorities with the information specified in chapters 7 and 8 of the AML Act (SAR / STR reports) and information on ongoing analyzes regarding money laundering or terrorist financing. Currently, only certain categories of obligated institutions may provide the above information within their own group. Pursuant to the draft, all categories of obligated institutions will be able to provide the above information within their own capital group.
- Exempting certain entities from secrecy regarding the provision of information to the FIU (Financial Intelligence Unit) or other competent authorities by extending their catalog to include entities operating in the field of bookkeeping services.
- Introduction of the obligation to meet the criteria of competence (relevant knowledge or experience) and reputation (no criminal record) by real beneficiaries, persons conducting business activity and persons holding managerial positions of entities listed in art. 2 section 1 point 16 of the Act – as well as imposing sanctions in the event of non-compliance with the above criteria.
- Extending the catalog of entities responsible for performing the obligations specified in the Act, which may also be subject to a financial penalty.
The draft is currently awaiting its first reading in the Sejm.