On November 30, 2019, another amendment to the Act of March 1, 2018 on counteracting money laundering and financing of terrorism (the “AML Act”) entered into force, the purpose of the amendment is to better adapt Polish provisions to the 4th AML Directive.
The leading change is the extension of the circle of persons responsible for violations of statutory obligations by the obligated institution (the so-called administrative torts). After the amendment, a fine of up to PLN 1 million may be imposed on both the member of the management board of the obligated institution and senior management or the employee in a managerial position responsible for ensuring compliance of the obligated institution’s activities with AML regulations.
The circle of natural persons who will be required to submit a criminal record certificate for intentional or intentional fiscal offenses will be expanded. The above requirement applies to natural persons who are real beneficiaries or partners (including shareholders) of entities dealing in real estate brokerage and creating or managing special purpose vehicles (the so-called SPVs) as well as conducting business activity and holding managerial positions in the above-mentioned areas of activity. The amendment also introduces the requirement of having appropriate knowledge or experience for the above-mentioned natural persons in the form of completing a training or course covering legal or practical issues related to the provision of real estate services or the creation and management of SPV companies or the performance of activities related to at least a year with the provision of services.
The above-mentioned conditions must be met, no later than within 3 months from the date of entry into force of this Act, i.e. until February 29, 2020.