Upcoming changes to the AML Act

In the first quarter of 2021, we informed you about the upcoming changes to the AML Act related to the implementation of the so-called 5^th AML Directive, under the amending act (hereinafter also referred to as: "Amendment"). We indicated then that the most important changes to the AML Act from the perspective of entrepreneurs will enter into force on October 31^st, 2021.

The most important changes to the Anti-Money Laundering and Money-Funding (AML) Act, which will enter into force on October 31, 2021, apply to:

I. New entities obligated to provide information on Real Beneficiaries

II. Change of data on the Real Beneficiaries disclosed in the Central Register of Real Beneficiaries

III. Obligation of submitting the data of persons notifying  the CRBR

IV. Clarification of the dates of update requests to CRBR and sanctions for the failure to update them

V. Obligation to provide data by the Real Beneficiaries

VI. Obligation to verify the rightfulness and truthfulness of information disclosed in the CRBR by a obligated institution

VII. A new premise for the application of financial security measures by entities operating in the field of trading in virtual currencies

VIII. Extension of the obligation to apply financial security measures to existing clients

IX. Changes in identification and verification of customer identity

X. Changes in the conditions for waiving the application of financial security measures in relation to payment money

XI. Changes in the application of increased financial security measures

XII. Changes in the scope of the obligated procedure

XIII. Trainings

XIV. Obligation to provide protection to employees and other persons performing activities for the benefit of obligated institutions

XV. Obligation to obtain approval for the establishment by an obligated institution of a branch or representative office in a high-risk third country

XVI. New types of regulated activity

Contact us and find out how you can prepare for the changes introduced under the Amendments to the AML Act. Our specialists will:

• prepare a compliance strategy for your company,
• help you adjust internal procedures to the new obligations resulting from the Amendment,
• prepare a notification or update information on real beneficiaries,
• provide support in obtaining a permit to conduct regulated activity