KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

passportnamecitizenshipaddressnational citizen registry

KYC to onboard international persons

passportnamecitizenshipaddressnational citizen registry

corporate requirements

up-to date information from courtaddress and information from a valid document

National ID card name

Dowód osobisty

National ID Photo

back of national id photo back

Does the country have Esignature Laws?

THE ACT on Electronic Signature

E-sig law files

What year did the relevant AML laws and regulations become effective?

2010

Further details on AML regime

2001 - although major changes to this legislation became effective in the first half of 2010, as a response to the requirement to implement the Third European Union (‘EU’) Directive in Poland. The status described below reflects the provisions of the new regulation.

Who is the regulator for AML controls for Banking

Ministry of Finance, Polish Financial Supervision Authority (KNF)

Link to site

http://www.mf.gov.pl/en/aml-ctf/news, www.knf.gov.pl

Other financial Services

Ministry of Finance, Polish Financial Supervision Authority (KNF)

Website of Regulator

http://www.mf.gov.pl/en/aml-ctf/news, www.knf.gov.pl

Financial Sector regulator

http://www.mf.gov.pl/en/aml-ctf/news, www.knf.gov.pl

Practical Guidance for AML

The Polish Banking Association (ZBP) developed guidance concerning AML practices. The Regulator provides limited guidelines concerning AML procedures which are published on the regulator’s website (see above)

Is there a requirement to verify the identity of customers retroactively?

Yes

Retroactive details

Yes

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Yes -the Mutual Evaluation was conducted by MONEYVAL.

PDF of FATF review

Poland_en.asp

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

Yes - in limited circumstances customer due diligence is not required, e.g. for life insurance below the threshold of EUR1,000 per year (or EUR2,500 in case of a one off payment). Lower thresholds allowed in relation to electronic payments (EUR150 for regular premiums and EUR2,500 for single premiums).

What are the requirements for customer identification information for individuals

determining and noting the distinguishing features of a document confirming the person’s identity pursuant to separate regulations, or of a passport, as well as the first name, last name, the citizenship and address of the person executing the transaction, and furthermore the PESEL (national citizens’ registry) number in the case of the identification on the basis of identity card or country code in the case of the passport.

Details to be Collected on Corporates

up-to date information from a court registry extract or other document specifying it’s name the organisational form of the legal entity, its location, address and information from a valid document confirming the authority of the person executing the transaction to represent the legal entity.

What are the high level requirements around beneficial ownership (identification and verification)?

Local guidance requires verification of the identity of appropriate beneficial owners holding 25% or more. Where a principal owner is another corporate entity or trust, the firm should take measures to establish the identities of its beneficial owners or trustees, unless that company is publicly traded. The firm will then judge which of the beneficial owners exercise effective control, and whose identities should therefore be verified

What circumstances are enhanced customer due diligence measures required?

Enhanced customer due diligence is required for: d) a company engaged in activities that are assessed to carry a higher money laundering risk; e) Politically Exposed Persons (‘PEPs’); f) the establishment of a non-face-to-face business relationship; and g) a financial institution operating in jurisdictions where AML law is assessed as inadequate.

How should FI's deal with Politically exposed persons

Local guidance states that a PEP status puts a customer into the higher risk category. This implies enhanced due diligence is required for every PEP.

What enhanced due diligence must be performed for correspondent banking relationships?

Regulation requires that enhanced due diligence should involve further consideration of the following elements, designed to ensure that the bank has secured a greater level of understanding with corresponding banks overseas (other than those based in the EU or other states with equivalent AML regulations): a) ownership, management and supervision information; b) AML/Terrorist Financing controls adopted; and c) senior management approval before entering into the relationship

Are relationships with banks who might be considered a 'shell' and without substance permitted?

Yes

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

Establishment of a non face-to-face business relationship specifically requires additional due diligence. As a minimum, one of the following actions is required: a) verification of the customer’s identity against additional documents; b) certification of copies of identification documents by an appropriate authority; or c) confirmation that the customer’s initial transaction was made through a financial institution.

To whom are SAR's made? (suspicious activity reports)

General Inspector of Financial Information

Link to website of SAR reporting

http://www.mf.gov.pl/en/aml-ctf/news

Other Suspicious or unusual transactions obligations.

Yes, All transactions above the threshold of EUR15,000 (incl. related transactions with the aggregated amount above the threshold) should be reported.

Are there any de-minimis thresholds below which transactions do not need to be reported?

EUR15,000

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

The Polish Anti-money laundering act outlines fines or imprisonment for non compliance with reporting requirements

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Suspicious transactions reported to the regulator should be suspended for 24 hours. If the regulator does not request further suspension of a transaction, it can be processed. Based on the regulator’s request a transaction can be suspended or account blocked for further 72 hours. A prosecutor can suspend a transaction or block an account for up to 3 months.

Does the local legislation allow transactions to be monitored outside the jurisdiction?

The Polish Act on Counteracting of Money Laundering and Financing the Terrorism (the “Act”) provides that, as a rule, it is the Polish General Inspector of the Financial Information that is officially authorised to monitor the transactions. However, bearing in mind that the Act implements the EU regulations (that should have been implemented by all Member States), it is likely that a transaction may be subject to monitoring outside Poland, on the basis stipulated by the local law of the foreign party of the transaction, especially in cases where a given transaction is performed with or via a foreign entity.

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

N/A

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

N/A

Data Protection for Corporate Data

N/A

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

N/A

Regulator Acronym

KNF

Year of last FATF mutual evaluation

2014

Field 67

verification of the customer’sidentification documents

National ID card details

Every Polish citizen 18 years of age or older residing permanently in Poland must have an Identity Card (Dowód osobisty) issued by the local Office of Civic Affairs.

Compulsory?

National ID source

https://en.wikipedia.org/wiki/Polish_identity_card

Passport Photo

practical Guidance yes / no

Is there a risk based approach

Legal Requirement

Regulator allows for monitoring transactions outside jurisdiction

Requirement to proceed

Yes

requirement to use automated suspicious transaction tools

Who are SARS made to?

ØKOKRIM

shell banks

Yes

EDD for correspondent banking

Yes

Minimum transactions

EUR 2,500

Min transaction USD

2729

key restrictions

Agreements related to any transfers of real property, registered pledges or transfer of: a) shares in a liability company; b) business; and c) shares in joint stock company, testaments, check and bill of exchange, conformation of insurance and employment agreements are exempted from the law.

Summary

As long as the parties consent to an electronic signature, it is enforceable for all agreements where the law does not provide a special form. Summary of Law Poland follow the EU Directive on Electronic signatures. It is considered a two-tier jurisdiction because it gives digital signatures the same status as handwritten signatures but also recognizes simple electronic signatures as legal and enforceable. Countries that follow this model give companies the opportunity to select different forms of signatures customize their business processes based on the form that is most convenient ad appropriate for each use case. Article 8 of Poland's Electronic Signature Law states: "The electronic signature may not be denied validity and legal effectiveness and solely on the grounds that it is in the electronic form or that in the signature verification data do not have a qualified certificate or that the signature has not been created with the use of a secure signature creation device."

Are e-signatures acceptable

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

As noted above, major changes follow those amendments implemented in the Third EU Directive. Amongst other considerations, prior regulation did not require the identification of ultimate beneficial owners, development of the risk rating model or identification of Politically Exposed Persons (‘PEPs’)

Non financial sector (e.g. casinos, high value goods etc.)

Ministry of Finance, Polish Financial Supervision Authority (KNF)

Does the country have a risk based approach?

Yes

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

Not stated in local regulations or guidance regarding external third party certification. Certification of copies of identification documents may be made by a state authority, a notary public or a lawyer.

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

N/A

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

N/A