AML procedures – ensuring compliance with anti-money laundering legislation

Today’s business world, especially in an international context, involves increasing threats of money laundering and terrorist financing. To prevent such activities, businesses are required to comply with the Anti-Money Laundering (AML) legislation. EFEKTA offers comprehensive assistance in the creation and implementation of AML procedures that will ensure full compliance with applicable regulations and protect your business from the risks associated with illegal financial transactions.

What are AML procedures and why are they important?

AML procedures are a set of actions and regulations that aim to prevent the use of the financial system for money laundering and terrorist financing. AML legislation is mandatory for companies that carry out financial activities, as well as for other sectors that may be exposed to money laundering risks, such as real estate, tax advice or e-commerce.

The implementation of proper AML procedures is crucial not only from a legal compliance perspective, but also to protect the company’s reputation and ensure its safety from potential financial sanctions. Failure to comply with these requirements can lead to serious legal and financial consequences, including financial penalties and even the loss of an operating licence.

Our services in AML procedures

1. Developing an AML policy
   We can help you develop and implement an AML policy, tailored to the specifics of your business and the industry in which you operate. Our solutions ensure full compliance with current national and international regulations.
2. Training for employees
   We organise training for employees on AML procedures to ensure that all employees are aware of their responsibilities and can recognise suspicious transactions that may indicate money laundering or terrorist financing.
3. Know Your Customer (KYC) identification and verification
   We assist in the development of Know Your Customer (KYC) identification procedures that ensure accurate verification of clients’ identities and analysis of their activities in order to assess the risks associated with potential money laundering.
4. Transaction monitoring
   We provide support in monitoring financial transactions within the company to detect any suspicious activity. We are helping to set up a system that will automatically report questionable transactions.
5. Reporting suspicious transactions
   We assist in developing procedures for reporting suspicious transactions to the relevant supervisory authorities, including the General Inspector of Financial Information (GIIF). Our services ensure that your company complies with its AML disclosure obligations.
6. Risk assessment and compliance audit
   We conduct an assessment of your company’s money laundering risk, identifying areas of particular risk and suggesting appropriate countermeasures. In addition, we conduct AML compliance audits to ensure that procedures are effectively implemented and followed.
7. Support in the international compliance process
   We offer advice on compliance with international anti-money laundering regulations, including EU, FATF (Financial Action Task Force) and other international standards, which is particularly important for companies operating internationally.

Benefits from implementing AML procedures

1. Protection against money laundering risks
   With the right AML procedures in place, you minimise the risk that your business will be used for illegal money laundering or terrorist financing activities.
2. Regulatory compliance
   Implementing AML procedures ensures full compliance with applicable national and international regulations, which protects your company from the risk of legal sanctions, financial penalties and reputational damage.
3. Transaction security
   Transaction monitoring and verification allows for faster detection of suspicious activity, ensuring the security of your financial operations and minimising the risks associated with fraud.
4. Building trust
   Companies that apply appropriate AML procedures build trust among their clients, business partners and financial institutions. Transparency and accountability in AML is a strong business asset.
5. Protecting your company’s reputation
   By implementing effective AML procedures, your company will avoid links to illegal activities, protecting its reputation and credibility in the market.

Why choose EFEKTA?

1. Specialised knowledge and experience
   Our experts have extensive knowledge of AML regulations and experience of implementing procedures in a variety of industries, allowing us to deliver effective solutions tailored to your business needs.
2. Adapting procedures to the specifics of your business
   We offer a tailored approach to each company, adapting AML procedures to the specifics of your business and the risks associated with the industry in which you operate.
3. Full compliance support
   We provide full support in implementing, monitoring and auditing AML procedures so that your business is fully compliant and minimises money laundering risks.
4. Efficiency and timeliness
   With our knowledge and experience, the process of implementing AML procedures in your company is quick and efficient, and you are assured that your company is properly secured.

Contact us to find out more about AML procedures

If you want to take care of your company’s AML compliance, EFEKTA offers comprehensive support on AML procedures. Our solutions will help you protect your business from legal and financial risks, ensuring full compliance with current regulations.

Contact us today to find out how we can help your business implement effective AML procedures.

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What is AML and must my company implement these procedures?

AML stands for Anti-Money Laundering. The obligation to implement appropriate procedures applies to so-called “obliged entities.” These include not only banks but also accounting firms, real estate agencies, tax advisory firms, cryptocurrency exchanges, and even some e-commerce companies and foundations. EFEKTA helps determine if your business falls under these regulations.

What does the KYC (Know Your Customer) procedure involve?

KYC, or “Know Your Customer,” is the foundation of AML. It involves the diligent identification of a client and the verification of their identity based on documents. The goal is to understand the client’s business profile and assess whether the risk of money laundering in the relationship with them is low or high.

What documents are included in the AML policy developed by EFEKTA?

We prepare a complete documentation package, which includes:

• Internal AML procedure (rules of conduct within the company).
• Risk assessment for the entire institution and individual clients.
• Instructions for reporting suspicious transactions to the GIIF.
• Anonymous breach reporting procedure (whistleblowing).
• Ultimate Beneficial Owner (UBO) verification forms.

Who is the Ultimate Beneficial Owner (UBO) and why must I check them?

The Ultimate Beneficial Owner is a natural person who exercises effective control over a company (e.g., holds more than 25% of the shares). AML regulations require establishing who really stands behind your contractor to prevent the concealment of identities involved in illegal financial turnover.

Do my employees need to undergo specialized training?

Yes. According to the law, persons performing duties related to AML must possess appropriate knowledge. EFEKTA organizes training sessions that teach the team how to recognize suspicious transaction patterns, how to document the verification process, and when and how to report incidents to supervisory authorities.

What are the risks of lacking AML procedures in a company?

Non-compliance with AML requirements carries drastic consequences:

• Monetary fines reaching into millions of zlotys.
• Administrative sanctions, such as the publication of information about the breach in the Public Information Bulletin (loss of reputation).
• Loss of licenses or a ban on conducting specific activities.
• Penal-fiscal liability for the persons managing the company.

What does collaboration with the GIIF look like?

The GIIF (General Inspector of Financial Information) is the body to which transactions exceeding the threshold of EUR 15,000 (or the equivalent in cash) and any transaction that appears suspicious must be reported. We help set up a reporting system so that your company meets its informational obligations on time.

Does EFEKTA conduct audits of existing procedures?

Yes. If your company already has implemented AML rules, we conduct a compliance audit. We verify whether the documentation is up to date (in accordance with the latest amendments to the act) and whether employees are actually applying the prescribed security measures.