Amendments to the act on counteracting money laundering and terrorist financing: what will change?

On 12 January 2021, the Council of Ministers of Poland adopted draft amendments to the AML Act in order to implement EU Directive provisions on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. It is anticipated that the legislative works on the draft amendments will be completed at the end of Q2 2021.

The new changes will increase the transparency of financial flows and, consequently, enhance the ability of the authorities responsible to detect financial resources originating from criminal activities or financing terrorist activities.

The AML Act requirements particularly affect banks, credit institutions and their branches, credit unions (SKOKi), domestic payment institutions, acquirers, investment funds, etc., but other business may also be affected by the changes.