Money Laundering – What Does It Involve and How Does It Work? (AML)
Money laundering refers to activities aimed at concealing the criminal origin of money or other assets and making it more difficult to establish…
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Customer Due Diligence Measures – What Are They and When Must They Be Applied?
Customer due diligence measures are actions that an obliged institution applies to customers in order to identify and mitigate the risk of money…
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Polish General Inspector of Financial Information (GIIF) – What Is It and What Are Its Responsibilities?
The General Inspector of Financial Information (GIIF) is one of the Polish government administration authorities responsible for counteracting money laundering and terrorist financing.…
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Obliged Institution in Poland – Who Is Considered One Under the Polish AML Act?
An obliged institution in Poland is an entity subject to the provisions of the Polish Act on Counteracting Money Laundering and Terrorist Financing…
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AML Obligations for Obliged Institutions in Poland
AML obligations are not limited solely to checking a customer before starting a business relationship. An obliged institution should establish a system that…
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PEP Declaration – What Is It, How to Complete It and What Should It Contain?
A PEP declaration is a statement made by a customer indicating whether they are a politically exposed person, or PEP (Politically Exposed Person).…
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PEP (Politically Exposed Person) – What Is It?
PEP stands for Politically Exposed Person. Under the Polish AML Act, this term refers to a person holding a prominent public position or…
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Polish Central Register of Beneficial Owners (CRBR) – What Is It and How Does It Work?
The Polish Central Register of Beneficial Owners (CRBR) is a public register containing information about natural persons who ultimately exercise control over certain…
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Ultimate Beneficial Owner – Who Is It and How to Identify It?
Identifying the ultimate beneficial owner is one of the fundamental elements of the KYC process. An obliged institution should know not only which…
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AML Risk Assessment – what is it and how to prepare it?
An AML risk assessment helps determine where the risk of money laundering or terrorist financing may arise in a company’s activities and how…
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