up-to date information from courtaddress and information from a valid document
THE ACT on Electronic Signature
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.
Ministry of Finance, Polish Financial Supervision Authority (KNF)
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)
Yes -the Mutual Evaluation was conducted by MONEYVAL.
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).
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.
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.
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
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.
Local guidance states that a PEP status puts a customer into the higher risk category. This implies enhanced due diligence is required for
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
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.
General Inspector of Financial Information
Yes, All transactions above the threshold of EUR15,000 (incl. related transactions with the aggregated amount above the threshold) should be reported.
The Polish Anti-money laundering act outlines fines or imprisonment for non compliance with reporting requirements
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.
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.
verification of the customer’sidentification documents
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.
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.
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."
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’)
Ministry of Finance, Polish Financial Supervision Authority (KNF)
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.