AML/CFT is a highly relevant area from the perspective of national and EU authorities. The obligations on private entities are extensive and raise many questions as to their practical application. Breaches of AML obligations, i.e. their omission or inadequate implementation, can lead to severe penalties for both institutions and individuals acting within their structures.
Who may be liable for breaches of AML obligations?
Liability under the AML Act includes administrative liability and criminal liability.
With regard to administrative liability, the primacy of the liability of the obliged institution over that of the designated persons is assumed.
Offences specified in the AML Act may be committed by a person acting on behalf of or for the benefit of an obliged institution. Given the scope of the subject matter of the liability, in principle, persons who were obliged to make a notification to the GIIF will be subject to it. With regard to criminal liability, it is also worth noting that, depending on the circumstances, it is not impossible to hold the employees of an obliged institution liable under Article 299(2) of the Criminal Code.
Once an employee has been convicted of an act under Article 299(2) of the Code of Criminal Procedure, it is also possible to hold a company liable under the regulation on the liability of collective entities.
Criminal liability for breaches of AML obligations
Criminal liability under the AML Act is imposed on a person who:
- has failed to comply with the obligation to provide the General Inspector with a notification of circumstances that may indicate a suspicion that a money laundering or terrorist financing offence has been committed, or with the obligation to provide the General Inspector with a notification that a reasonable suspicion has been established that a specific transaction or the assets involved in that transaction may be related to money laundering or terrorist financing,
- has provided the Inspector General with false or concealed true data concerning transactions, accounts or persons,
- discloses information collected in accordance with the Act to unauthorised persons, account holders or persons affected by the transaction or uses such information in a manner contrary to the provisions of the Act.
Full article is available in Polish here.