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AML – anti-money laundering

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The amended Act on counteracting money laundering and terrorist financing became law on 31 October 2021. It provides the grounds on which a trust and company service provider register (the “register”) has been launched.

 

Regulated activity – obligation to register

 

An activity carried out for trusts or companies (TCSP activity) has become a regulated activity as defined in the Enterprises Act and is conditional on an entry in the said register.

An entity carrying out TCSP activities without being entered in the register is subject to a fine of up to 100 thousand zloty. 

 

Entities obliged to register

 

The registration obligation applies to entities that:

 

  1. form legal persons or organisational units that do not have legal personality;
  2. perform a management board member function or enable another person to perform such or similar function in legal persons or organisational units that do not have legal personality;
  3. provide a registered office, a business address or an address for service and other similar services to legal persons or organisational units that do not have legal personality;
  4. perform a function of a trustee appointed as a result of a legal transaction or enable another person to perform such a function;
  5. act or enable another person to act as a person who exercises the rights attached to shares for an entity other than a company listed on a regulated market subject to the disclosure requirements under EU laws or equivalent international standards.

 

 

Clean criminal record requirement

 

The Act says that TCSP activities may be carried on by:

 

  1. a natural person who has not been finally sentenced for an intentional criminal offence against activities of state institutions or local government, against the administration of justice, against document authenticity, against property, against business dealings or property interests in civil law transactions, against trade in money and securities, for an offence specified in Article 165a of the Criminal Code, for an offence committed for financial or personal gain or for an intentional fiscal offence;
  2. a legal person or an organisational unit that does not have legal personality, whose partners appointed to manage the affairs of the company or authorised to represent the company, or members of governing bodies, have not been finally sentenced for an offence listed in item 1 or for an intentional fiscal offence.

 

 

 

The requirement of clean criminal record also applies to persons who manage TCSP activities and to the ultimate beneficial owner of an entity carrying on such activities.

 

Requirement to possess certain qualifications

 

The above-mentioned natural persons are also required to have knowledge or experience in TCSP activities. This requirement is deemed to be satisfied if a natural person:

 

  1. has completed a training course on legal or practical aspects of TCSP activities or
  2. has pursued TCPS activities for at least one year.

 

Registration deadline

 

Entities that are currently involved in TCSP activities should be entered in the relevant register by 30 April 2022.

 

Entities that intend to undertake such activities on or after 31 October 2021 should be entered in the relevant register before commencing such activities.
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