ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM. AML/CFT

The AML/CFT Law imposes numerous obligations on businesses to monitor and analyse their clients’ transactions. Their proper fulfilment will protect entrepreneurs from administrative and criminal penalties related to the inadequate implementation of statutory obligations.

BSO Law & Taxes Law Office in Wrocław offers comprehensive legal assistance in implementing the requirements of the Act. We advise at the stage of introduction of AML/CFT practices to the company’s structures, performance of risk analysis obligations and application of financial security measures, as well as updating the already possessed documentation.

what services do we offer/

COMPANY STATUS AUDIT

The purpose of the audit is to determine the status of the company (as an obliged institution) and to determine the current and potential risks within the company’s operational, investment and financial activities within the meaning of the AML/CFT Act, and then to identify:

• the actions to be taken to implement the obligations arising from the established status and to identify and manage the detected risks;
• the scope of the documentation to be prepared.

The results of the audit are presented in the form of a written report discussed during a meeting with the Board of Directors, the owner or the designated employees responsible for compliance with the provisions of the law.

DEDICATED DOCUMENTATION AND INTERNAL COMPANY PROCEDURES

The implementation of AML/CFT practices into the company’s structures involves the preparation of specific documentation, the implementation of internal or group procedures and the appointment of persons responsible for carrying out AML and terrorist financing duties. As part of BSO Law & Taxes’ legal practice:

• we create written AML/CFT procedures specifying in particular:
  • the financial security measures applied in the company,
  • the internal principles of risk identification and assessment,
  • the actions and activities undertaken to mitigate the risk of money laundering or terrorist financing,
  • document retention rules,
  • principles for fulfilling information obligations towards the General Inspector of Financial Information,
  • internal procedures for anonymous reporting of actual / potential violations of the Act,
  • maintenance of a register of transactions,
  • principles of internal control;
  • we update the documentation already in place in the companies (obliged institutions and actual beneficiaries) and adjust their scope to the applicable provisions of the law;
  • we prepare annual internal reports on the implementation of obligations under the Act;
• we represent you in administrative proceedings before the General Inspectorate of Financial Information (GIIF) and in criminal proceedings concerning liability for failure to fulfil statutory obligations.
• The cooperation may include preparation or updating of a full set of documentation and procedures or selected elements of the company’s AML policy.

INTERNAL TRAININGS FOR EMPLOYEES

We conduct one-off or cyclical trainings in the AML/CFT area. Their purpose is to provide in-depth knowledge of the phenomenon of counteracting money laundering and terrorist financing in companies and the responsibility of employees and management boards in the AML/CFT area.

One-off training courses are based on a pre-prepared programme or a training programme that takes into account the specific needs of the company. Recurring training is designed for companies that care about the systematic development of their employees and want to make sure they operate in compliance with the law (legal security of operations).

In obliged institutions, the obligation to train employees in anti-money laundering and countering the financing of terrorism (AML/CFT) results directly from the provisions of the law. In order to guarantee security in the company, we suggest that training is also carried out in companies with the status of beneficial owner or not covered by the training obligation.

RELATED TOPICS

• AML (Anti-Money-Laundering)
• CFT (Countering the Financing of Terrorism)
• KYC (Know your customer)
• AML/CFT in companies
• Central Register of Beneficial Owners