MONEYVAL says Poland still weak on AML/CFT tech controls

By Keith Nuthall

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has concluded that Poland has retained shortcomings over its AML/CFT/CFP controls regarding new technologies and remains only partially complaint with FATF recommendation 15. Notably, MONEYVAL found that Poland lacked requirements for obliged entities to assess and mitigate the ML/TF risks of new technologies, products, services or business practices before their release for sale; and had insufficient punishments for AML/CFT infringements by virtual asset service providers and their senior managers.