On 10 February, 2023, the Act of 1 December, 2022, on the Financial Information System (FIS) came into force. The Act implements three EU directives, including the directive known as 5AMLD.
The FIS is established for the purpose of preventing money laundering and terrorist financing, recognizing, detecting, and preventing directory crimes, and for other purposes specified in the Act, in particular sharing information in connection with investigations conducted by the European Anti-Fraud Office. The FIS also provides for legal assistance in crimes when requested by a court or prosecutor in a foreign country, and performance by the Head of the National Revenue Administration of duties relating to prevention and prosecution for fiscal crimes.
The FIS will be operated using an ICT system and the authority competent to operate it will be the Head of the National Revenue Administration. The institutions obliged to provide information to the FIS will be primarily financial institutions (such as banks, investment firms, payment institutions) but also undertakings that provide safe deposit boxes. The system is being created to help authorities to quickly identify account holders and safe deposit box holders.
The Act requires institutions to submit information to the FIS, referred to as registered information. Registered information is details of an account and information about the agreement for the safekeeping of items and securities or for provision of safe deposit boxes. Data submitted as registered information will include, in particular:
- account number, type of account, date of opening and closing, the unique contract number used within the obligated institution or, in the case of information on a contract for the safekeeping of items and securities or for the provision of safe deposit boxes - the type of contract and date of its conclusion and termination,
- categories of data specified in the Act, regarding the holder or the representative and person other than the holder or the representative authorized to receive property values, and in the case of information provided by obliged institutions, also data of the beneficial owner,
- information on whether the account was closed due to the inability to apply one of the financial security measures,
- Taxpayer Identification Number of the obligated institution maintaining the account.
The Act specifies a retention period for recorded information, which is generally five years from the closing of the account or the termination of the contract for the safekeeping of items and securities or for the provision of safe deposit boxes.
The Financial Information System Act also amends the Act on Counteracting Money Laundering and Financing of Terrorism of 1 March, 2018. The changes to this Act include rules on sharing information, including financial analysis, between the General Inspector of Financial Information and other authorized bodies.