POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
Customer Due Diligence Measures Banks are primarily obligated to apply customer due diligence measures when: • establishing a business relationship; • carrying out occasional transactions; • there is a suspicion of money laundering/ter - rorism financing; or • there is doubt about the veracity or adequacy of previously obtained customer identification data. Customer due diligence measures include: • identifying and verifying the customer’s iden - tity; • identifying and taking reasonable measures to verify the beneficial owner; • assessing and, as appropriate, obtaining information on the business relationship’s purpose and intended nature; and • conducting ongoing monitoring of the busi - ness relationship. Banks should also be aware of any positions and interpretations that the General Inspector of Financial Information may issue regarding AML/ CFT duties. 6. Depositor Protection 6.1 Deposit Guarantee Scheme (DGS) General Under the Act of 10 June 2016 on the Bank Guarantee Fund, deposit protection scheme and mandatory restructuring, the Polish mandatory depositor protection scheme is administered by the Bank Guarantee Fund (BGF) – a special legal person set up to govern the scheme. All banks that have their corporate seat in Poland are required to participate in the fund by contributing
income, in cases where its amount impedes meeting the own-funds requirements. Additional requirements for remuneration policies may be found in the EBA Guidelines on sound remunera - tion policies (EBA/GL/2015/22), which apply in Poland.
5. AML/KYC 5.1 AML and CFT Requirements AML-Related Obligations
Banks are “obliged entities” under the Act of 1 March 2018 on countering money laundering and terrorism financing. As such, they are sub - ject to many obligations – among which are: • applying customer due diligence (standard, simplified or enhanced, as applicable); • adopting and complying with an internal AML procedure; • maintaining records of information acquired during maintaining business relationships with clients; • providing the General Inspector of Finan - cial Information with information regarding accepting certain funds with an equivalent value of more than EUR15,000; • suspending suspicious transactions and blocking accounts; and • applying specific restrictive measures to sanctioned entities included in the relevant lists of sanctioned parties. The General Inspector of Financial Information or the PFSA may require the bank to change the scope or to end the correspondent relationship with a respondent entity with its seat in a high- risk third country identified by the EC.
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