What’s new in AML regulations?

On November 30, 2019, the amendment to the provisions of the Act on Counteracting Money Laundering and Financing of Terrorism entered into force. The Act extends the catalogue of entities (obligated institutions) that can inform each other about the provision of information specified in chapters 7 and 8 of the Act to the General Inspector of Financial Information or other competent authorities as well as on ongoing analyses of money laundering or terrorist financing.

Art. 54 of the Act now refrains from listing entities authorized to exchange information within the group, which makes the catalogue of these entities open. In addition, under art. 54 regulations were introduced regarding the release of certain entities from secrecy regarding the transfer of information to a financial intelligence unit or other competent authorities. This catalogue was expanded to include entities operating in the field of bookkeeping services.

In turn, a new art. 129 of the Act is an obligation to meet the requirement of no criminal record for intentional crime or intentional fiscal crime imposed also on beneficiary owners, partners and shareholders of obligated institutions: providing services for the creation of legal persons or organizational units without legal personality; professionally performing management functions; providing headquarters and addresses to legal persons and organizational units; operating or enabling trusts’ setup; exercising or enabling the exercise of rights from shares or stocks of specific entities as well as being real estate agents.

Article 129 paragraph 1a obliges beneficiary owners and persons holding managerial positions in such entities (except real estate agents) to possess knowledge or experience in this field. Paragraph 1b specifies the requirements in this respect: completion of a training or course covering legal or practical issues related to the provision of such services and performance, for a period of at least a year, of activities related to the provision of these services, which should be confirmed by relevant documents.

If one does not submit a criminal record for intentional crime or intentional tax crime or relevant documents demonstrating experience and competence at the request of the General Inspector of Financial Information – whenever he or she is obliged to do so by the law, he or she shall be subject to a fine of PLN 10,000.

So, as you can see, the group of subjects that should meet the specific requirements of the Act has expanded. Thus it is advisable to assess one’s personal responsibility on the basis of the act and not be surprised.