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KYC requirements
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The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.

Legal affairs

National regulatory framework regarding AML and effective date of the regulations

Issues in the AML area are regulated by the Anti-Money Laundering and Countering the Financing of Terrorism Act (Ustawa o przeciwdzialaniu praniu pieniedzy oraz finansowaniu terroryzmu) of March 1, 2018 (“AML Act”).

National regulator or relevant authority for AML controls

The AML Act specifies that financial information authorities in Poland are government administration bodies that have the authority to conduct matters related to preventing the introduction of property values derived from illegal or undisclosed sources into financial trading.

These authorities are the minister authorized to conduct matters relating to financial institutions, who is the chief financial information authority, and the General Inspector of Financial Information, who performs his tasks within an organizational unit separated for this purpose within the structure of the Ministry of Finance.

The General Inspector for Financial Information accepts reports of actual or potential violations of the provisions on anti-money laundering and counteracting the financing of terrorism from employees, former employees of obliged institutions or other persons who perform or performed activities for obliged institutions on a basis other than employment.

Customer Due Diligence

Conduct of a typical KYC identification process

Identification of the customer (and its beneficial owner) is done by the obligated institution under the AML Act before the business relationship is established.

Under the AML Act customer identification involves determining:
  1. natural person:
    a. first and last name,
    b. nationality,
    c. number of the Universal Electronic System for Population Registration (PESEL) or date of birth - if no PESEL number was assigned, and country of birth,
    d. series and number of the document confirming identity of the person,
    e. the address of residence if the obliged institution has this information,
    f. name (business name), tax identification number (NIP) and address of the main place of business activity - in case of a natural person conducting business activity;
  2. legal person or organisational unit without legal personality:a. name (business name),
    b. organizational form,
    c. registered or business address,
    d. tax identification number, and if there is no such number, the country of registration, the name of the relevant register and the number and date of registration,
    e. identification data referred to in item 1 letters a and c of the person representing that legal person or organizational unit without legal personality.

The identification of the beneficial owner includes identification of the data referred to in point 1(a) and, if the information is held by an obliged institution, also the data referred to in point 1(b-e).

Identification of the person authorized to act on behalf of the customer includes identification of the data referred to in point 1(a-d).

Verification of the identity of the customer, the person authorized to act on his behalf and the beneficial owner involves confirmation of the identification data established on the basis of a document stating the identity of the natural person, a document containing current data from an extract from the competent register or other documents, data or information from a reliable and independent source, includi

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