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Preventing financial crime – how to increase the effectiveness of the regulatory system

Although for many years the size of the shadow economy in Poland has remained at the level of 18% of GDP, it is estimated that in 2022 its value will increase to 590 billion PLN. The data provided by the General Inspector of Financial Information and supervisory institutions operating under the AML Act indicate that last year the authorized bodies carried out 689 inspections in the country. Taking into account the size of the phenomenon, can we thus conclude that the system for counteracting financial crime is effective?

Compliance is a significant challenge for many institutions. Financial crime isn’t only associated with high penalties but is also a frequent reason for the loss of corporate image.

Sii Poland experts in Know Your Customer, Anti-Money Laundering, and Countering the Financing of Terrorism support clients in creating and improving anti-fraud procedures and systems, and help them align processes within the organization with national and European regulations.

Details regarding fraud prevention activities, along with ways to ensure compliance while reducing operating costs, are available in the full study. The paper presents key data on actions taken by regulators and obligated institutions, as well as an analysis of the effectiveness of the current system for combating financial crime in Poland, including:

  • Data related to financial crime in Poland, including money laundering, extortion, and corruption.
  • Examples of actions taken by authorized bodies to counteract economic crime.
  • Evaluation of the effectiveness of the current system in the context of the implementation of new regulations and the establishment of the European Anti-Money Laundering Authority (AMLA).
  • Process and cost optimization opportunities due to the combination of business know-how and technological expertise of Sii Poland specialists.
  • Proposal of changes aimed at increasing the efficiency of the system.

Get to know the benefits of cooperation with Sii in the area of KYC/AML/CFT or contact us. Find out, how we can support your company within the field of compliance.

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