AIC as an institution obligated to counteract money laundering and terrorist financing

Our law firm provides legal services to alternative investment companies (AICs) and alternative investment companies managers (AICs managers). We have successfully represented 6 entities before the Polish Financial Supervision Authority (pl. Komisja Nadzoru Finansowego – KFN). 

As part of an information campaign organised by our law firm we would like to remind you that under art 2 par. 1 item 7, alternative investment companies (AICs) and alternative investment companies managers (AIC managers) belong to so-called obligated institutions, as defined in the Act of  1 March 2018 on counteracting money laundering and terrorist financing (2018 Journal of Laws, item 723, as amended) (the Act). 

The Act imposes certain obligations on AICs and AIC managers, which require a great number of organisational measures. One of these measures is the obligation to introduce an internal procedure for counteracting money laundering and terrorist financing (art. 50 par. 1 of the Act).

Therefore, our law firm has drawn up a sample model of such procedure, which meets the statutory requirements and takes into account the specific profile of activities conducted by such entities and, consequently, may be implemented by AICs and AICs managers. The procedure was developed by two highly experienced lawyers who had completed the training organised by the General Inspector of Financial Information. This a “tailor-made” document, specifically adapted to suit the needs of AICs and AICs managers and, as we believe, it will enable its users to meet the requirements, as defined in the Act, in a smooth and effective way. 

Please note that the need to follow the provisions set forth in the Act is of fundamental importance for every AIC and AIC manager, as the Act imposes very severe legal sanctions (including jail sentences of up to 5 years) as well as administrative consequences such as removal of an AIC from the register maintained by the Financial Supervision Authority.   

Under art. 130 of the Act, apart from the General Inspector of Financial Information, also the Financial Supervision Authority may control the way in which AICs and AICs managers perform their duties related to counteracting money laundering and terrorist financing.  

Contact us, please, if you are interested in our model procedure for counteracting money laundering and terrorist financing, designed for AICs and AICs managers.