General Inspector of Financial Information.
As of 1 July 2004, the Act of 16 November 2000 on Counteracting Introduction into Financial Circulation of Property Values Originating from Illegal or Undisclosed Sources, imposed on many organisations an obligation of sending monthly reports to the General Inspector of Financial Information (GIIF) on executed transactions the value of which exceeds EUR 15,000. GIIF is an authority that has been specifically appointed by the Act to collect and analyse data on suspicious financial transactions.
The General Inspector of Financial Information (GIIF) has implemented an IT system that allows institutions electronic submission of data to GIIF (www.mf.gov.pl). The data sent must be signed with a secure electronic signature that, pursuant to the Act on Electronic Signature, is equivalent to a handwritten signature.
The obligation of providing GIIF with information on transactions the value of which exceeds EUR 15,000 or the circumstances of which indicate that the funds used for their execution may come from illegal or undisclosed sources, applies to many so-called obligated institutions.
They include, for example:
- brokerage houses,
- entities operating in the field of games of chance, betting and slot machine games,
- insurance companies,
- head offices of foreign insurance companies,
- insurance brokers,
- investment funds,
- investment fund companies,
- credit unions,
- leasing and factoring companies,
- currency exchange offices,
- auction houses,
- antique shops, pawnshops, second-hand shops, foundations.
Some entities are obliged to send data to GIIF, only when the circumstances of a transaction indicate that the funds used for its execution may come from illegal or undisclosed sources. They should register such transactions regardless of their value and nature. This obligation is imposed on: practising attorneys-at-law, practising chartered auditors, practising tax advisers, electronic money institutions, branches of foreign electronic money institutions and settlement agents, operating pursuant to the Act of 12 September 2002 on Electronic Payment Instruments (Dz. U. [Journal of Laws] No. 169, item 1385), foreign lawyers providing legal assistance outside their employment relationship, real estate agents, legal advisers practising outside their employment relationship.
GIIF has launched a website that allows obligated institutions to complete electronically all formalities related to sending data to the General Inspector of Financial Information.
A set for creating qualified electronic signatures is necessary to send reports to GIIF.
Such set should include the following elements: