The amendment to the Anti-Money Laundering and Terrorist Financing Law (AML) came into effect on October 31st, 2021. It is one of the basic obligations of Polish entrepreneurs. This obligation originated from the introduced law in the European Union. The purpose of the established law is to prevent the introduction of illegally sourced assets and the financing of criminal activities. A company may face consequences for non-compliance, even if it has not personally committed crimes of a financial nature. It is important to have clear information about your counterparties. 

The responsibility to comply with the law  

There is a list of entities that must comply with the AML Law. These are primarily obligated institutions, and therefore institutions operating in the insurance and financial markets, as well as:   

• entities providing bookkeeping services,  

• real estate brokers,   

• attorneys, legal advisors or notaries,  

• entities operating in the field of offshore services,   

• entities and associations making cash payments (with a minimum value of €10,000). 

Obligations of accounting firms

Accounting offices are subject to obligations against money laundering and terrorist financing. There are certain tasks to be carried out to prevent illegal activities.  

Identification and verification of customer identity  

Accounting firms must verify their clients:  

• before establishing cooperation,  

• when making transactions with a value of 15,000 euros,  

• when money laundering or terrorist financing is suspected,  

• when there are concerns about client data. 

Risk analysis  

The accounting office should conduct a risk analysis of its clients. The idea behind the risk analysis is to accurately determine the level of risk in relation to money laundering and terrorist financing, with attention to:  

• the nature of the client’s business,  

• the characteristics of the transaction,  

• regions of higher risk. 

Implementing financial security measures  

Based on the level of risk, accounting offices implement appropriate financial security measures, such as:  

• continuous monitoring of client transactions,  

• identification of the real owner (the individual who manages or benefits from the business),  

• more detailed verification of high-risk clients. 

Continuous transaction monitoring and reporting  

Transactions carried out by clients of the accounting firm must be monitored at all times, and suspicious activities reported to the General Inspector of Financial Information (GIFF). 

Keeping a record of transactions   

Accounting firms must keep a register of transactions that exceed €15,000. The register should include key information such as:  

• client data,  

• the value of the transaction,  

• date and location of the transaction. 

Implementing AML procedures  

Accounting firms must develop anti-money laundering procedures. These procedures should specify:  

• how clients are verified,  

• how risk analysis is performed,  

• how transactions are reported to the GIIF,  

• training plans for employees 

Employee training  

Accounting offices must organize training for their employees to ensure they are up-to-date on AML.  

Cooperation with supervisory authorities   

Accounting offices cooperate with supervisory authorities, so they provide the information required by control institutions and make all documentation available to them.   

Data protection  

Information collected under AML should be properly protected. Accounting firms should therefore maintain confidentiality with their clients.   

What are the penalties for AML violations?

Administrative penalties under the AML Act include:  

• an order to cease the activities performed  

• public disclosure of information about the institution and the scale of its violations,  

• revocation of the license or removal from the register of activities,  

• prohibition of persons responsible for violations from holding management positions,  

• financial penalty. 

To avoid these consequences and ensure full compliance, you can rely on our Accounting Services for expert AML guidance and support. 

Text based on: https://kpmg.com/pl/pl/blogs/home/posts/2024/10/funkcja-ksiegowa-i-podatkowa-w-grupie-i-jej-obowiazki-na-gruncie-ustawy-o-aml-blog-podatkowy.html