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Anti Money Laundering and Counter Terrorist Financing 

Why is having a proper AML/CTF policy so important?

A 2016 report from Poland’s Supreme Audit Office (NIK), joined by statements of the Minister of Finance and the Minister of Justice, all point to the growing importance of laws on prevention of money laundering and financing of terrorism. Shortcomings in compliance with anti money laundering/counter terrorist financing (AML/CTF) obligations are threatened with administrative and criminal sanctions as well as loss of reputation. The stiff criminal sanctions (up to 8 years in prison) and financial sanctions (over PLN 1 million for individuals) for breach of these regulations fill businesses and managers with dread. Meanwhile, the General Inspector of Financial Information (GIIF) promises to step up controls of obligated institutions, in particular with inspections by tax audit authorities.

Poland has until 26 June 2017 to implement the EU’s Fourth Anti Money Laundering Directive (2015/849). During the implementation process, a new act will be adopted regulating AML/CTF issues, replacing the regulations from 2000 which have been amended numerous times. The new regulations will increase the powers of GIIF and significantly change the scope and value of sanctions that can be imposed on obligated institutions. Potential fines will increase from PLN 750,000 to EUR 5 million, and information about improper performance of AML/CTF duties by obligated institutions will be made public.

How can we assist?

If you have any doubt whether the procedures in place at your company comply with the legal requirements, we will help evaluate them and propose changes to protect your company against regulatory risks. We offer to:

  • Draft a new AML/CTF policy, or review and supplement the existing AML/CTF policy to adapt to the new regulations
  • Build an adequate AML/CTF compliance system 
  • Support the alignment of technical tools and technology used to meet AML/CTF obligations 
  • Prepare inquiries to GIIF seeking interpretation of the rules
  • Apply AML/CTF solutions used in other jurisdictions, adapting them to local requirements
  • Prepare managers on how to deal with an AML/CTF inspection by regulators
  • Represent the client in administrative proceedings before GIIF on imposition of penalties 
  • Represent the client in criminal proceedings for non-compliance with statutory obligations
  • Train staff of obligated institutions on compliance with their statutory obligations.

Why Wierzbowski Eversheds Sutherland

We are distinguished by many years of practical experience preparing and implementing AML/CTF procedures at obligated institutions. We can tailor the AML/CTF policy to suit your specific business model. We offer comprehensive support, from development of the policy through implementation, preparation for inspections, and, if needed, representation in post-audit proceedings and consultation on implementation of selected AML/CTF duties.

We know what, when and how an obligated institution must act, and how it should adapt its procedures to business conditions, product characteristics and the sector in which it operates. We have experience in communications with GIIF and the Polish Financial Supervision Authority (KNF). We understand the regulators’ requirements and know how to fulfil them.

We offer our clients the support of specialists with a proven record of implementing numerous projects for leading companies in the financial sector and unique experience in training on the framework of international structures.

 

Ensuring that the actions of the organization are consistent with local and international legal requirements and regulatory guidelines
Audit of existing structures, processes and regulations—identifying irregularities and instances of potential non-compliance with applicable legal requirements, norms and standards 
Defining existing and potential risks in the context of the company’s business goals 
Supporting the client in contacts with regulators 
Conducting due diligence for investments (regulatory and compliance) 
Assistance in building compliance structures
Advice on implementation of compliance systems, with attention to their compatibility with other processes in the organization in order to minimize negative impacts on relations with customers and suppliers 
Support in disputed matters 
Advice on creation of procedures to prevent money laundering
Advice when launching IT systems
Developing and conducting training tailored to the needs of each organization 
Multidisciplinary support across all areas connected with compliance measures

 

Magdalena Chrzan

  • Of Counsel
  • +48 22 50 50 700
  • E-mail