MONEYVAL Report Highlights Poland’s Progress in Anti-Money Laundering Efforts

In the second follow-up report of MONEYVAL, the committee of experts states that Poland is continuously trying to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) regime.

As per this follow-up report, Poland is strengthening AML measures to improve its technical compliance by addressing the technical compliance deficiencies under the FATF recommendations 1, 15, 26 & 33.

According to recommendation 1, Poland has strengthened measures to assess & address the risks related to money laundering & terrorism financing.

According to Recommendation 15, Poland is utilizing advanced technologies to reduce financial crimes, including data analytics & artificial intelligence.

According to Recommendation 26, Poland is monitoring FIUs and ensuring they are compliant with AML/CFT regulations.

According to Recommendation 33, Poland collects and analyzes financial data to combat financial crimes.

This positive response shows that Poland is highly committed to ensuring AML/CFT compliance in its jurisdiction. Despite this progress, Recommendations 15 and 26 are rated as partially compliant(PC), because FATF emphasized the need for further improvements in these areas.

Current Compliance Status

Out of the 40 Recommendations, Poland currently has;

• 3 Recommendations rated as Compliant(C)
• 23 Recommendations  rated as Largely Compliant(LC)
• 14 Recommendations rated as Partially Compliant(PC)

Poland is also strengthening its financial regulatory framework by increasing risk assessments for financial organizations and including new registration requirements for non-bank lenders.

Read Also

• EU Approves 15th Sanctions Package to Counter Russia’s Aggression in Ukraine
• Treasury Sanctions Key Participants Behind North Korea’s Illegal Financial Operations and Military    Support for Russia

FATF report also announced that Poland will provide feedback & guidance to its Virtual Asset Service Providers(VASPs) sector. Also, Poland implemented measures like ad-hoc ex-post suitability assessments for members of management & supervisory boards of banks and enhanced risk rating methodologies for the National Bank of Poland & UKNF.

According to a press release, in December 2021, a Mutual Evaluation Report (MER) was adopted, and Poland was placed under enhanced follow-up after analyzing technical compliance shortcomings. This 1st enhanced follow-up report, adopted in December 2023, analyzes Poland’s progress in correcting the technical compliance(TC) deficiencies that were highlighted in the 2021 MER.

Poland will remain under enhanced follow-up and will continue to report back to MONEYVAL on progress in strengthening its AML/CFT controls. Poland is supposed to report back within one year.