Banker's Academy AML Training by Country

Anti Money Laundering (AML) By Country: Poland

Anti Money Laundering (AML) in Poland

Anti Money Laundering (AML) in Poland was established as a top priority by a National Security Strategy. The Polish government has worked diligently to bring its laws into full conformity with EU obligations. The Criminal Code of the Republic of Poland criminalizes money laundering. Article 299 addresses self-laundering and criminalizes tipping off.

In June 2001, the parliament passed amendments that broadened the definition of money laundering to encompass all serious crimes ("Act on Counteracting Introduction into Financial Circulation of Property Values Derived from Illegal or Undisclosed Sources," known as the "Act of 16 November 2000"). The Act has been amended several times since its enactment, but its basic function is to improve Poland’s ability to combat money laundering and increase penalties for money laundering. The Act contains safe harbor provisions that exempt financial institution employees from normal restrictions on the disclosure of confidential banking information. The law also provides for the creation of a Financial Intelligence Unit (FIU), the General Inspectorate of Financial Information (GIIF), housed within the Ministry of Finance, to collect and analyze large and suspicious transactions.

AML Training in Poland

In accordance with Poland’s 2000 Act on the Counteraction of Introduction into Financial Circulation of Property Values Derived from Illegal or Undisclosed Sources and on Counteracting the Financing of Terrorism, all employees must be trained on their responsibilities and be able to identify suspicious transactions.

The Economy of Poland

In the early 1990s, with its transition from communism to a democratic, capital market, Poland’s economy became more liberal, with the privatization of small- and medium-size state-owned companies and rapid growth of the private sector, which today generates 75% of the Gross Domestic Product (GDP) and employs over 70% of the population. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, and persistent low-level corruption keep the private sector from performing up to its full potential.

Today, the main institutions of the Polish capital market are the Warsaw Stock Exchange (WSE), which organizes both cash and derivatives markets, and the National Depository for Securities, which handles clearing and settlement on the regulated market and maintains securities in the form of computer records.

Banking in Poland

The National Bank of Poland is the central bank of Poland. The National Bank of Poland is responsible for the stability of the national currency. Fulfilling this constitutional obligation, the National Bank of Poland develops and implements the monetary policy strategy and the annual monetary policy guidelines. Through the management of the official reserves, the Central Bank ensures the requisite level of the State's financial security.

As an issuer of currency, the National Bank of Poland maintains the liquidity of cash payments. An important objective of the Central Bank is guarding the stability of the financial system. As part of its supervisory and regulatory functions, the National Bank of Poland oversees the liquidity, efficiency and security of the payment system. It also contributes to the development of a secure infrastructure of the financial market. In addition, the National Bank of Poland also regularly publishes information on its website to further the economic education of the Polish people.

Polish Currency

The zloty is the currency of Poland and is issued by the National Bank of Poland. A zloty is equal to 100 groze. Coins are available in 1, 2 and 5 zloty and denominations of 1, 2, 5, 10, 20 and 50 groszy. Banknotes are available in denominations of 10, 20, 50, 100 and 200 zloty.