Poland has implemented the Travel Rule in line with the EU’s Transfer of Funds Regulation (TFR), the 5th AML Directive and FATF’s Travel Rule.
What is the scope of the Travel Rule in Poland?
In line with the TFR, the Polish Travel Rule will apply to the “transfers of funds, in any currency, or crypto assets, which are sent or received by a payment service provider, a crypto-asset service provider, or an intermediary service provider (brokers and custodians) established in the European Union.” [TFR CHAPTER I, Article 1]
The Polish Travel Rule includes self-hosted wallets within its scope if the transfer includes at least one registered entity, like a CASP.
Who is the supervisory body for CASPs in Poland?
The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF)
What is the Travel Rule threshold in Poland?
EUR 0
The Travel Rule applies to all transactions irrespective of value.
Originator CASPs must communicate the following information with each crypto transfer before or simultaneously with the transfer:
originator's name,
originator's distributed ledger address,
originator's crypto asset account number,
originator's address, which must include the name of the country, official personal document number and customer identification number, or alternatively, date and place of birth,
originator's LEI (where applicable, or an equivalent official identifier).
beneficiary's name,
beneficiary's distributed ledger address,
beneficiary's crypto asset account number,
beneficiary's LEI (where applicable, or an equivalent official identifier).
Obligations of beneficiary crypto asset service providers
Beneficiary CASPs must implement risk-based procedures to determine appropriate actions with an immediate remedy in case of missing Travel Rule data. These actions may include the rejection, suspension or return of the assets.
Self-hosted wallets are in scope
Transfers involving a self-hosted wallet and a CASP fall under the scope of the Travel Rule. To ensure compliance, the originator’s CASP must obtain and hold the necessary Travel Rule data and ensure the transfer can be individually identified.
How to comply with Poland’s Travel Rule and meet AML requirements
Per the Polish AML Act, CASPs must:
Establish and maintain internal AML and KYC policies and internal control procedures.
Appoint a qualified employee to ensure compliance with AML and counter-terrorism financing (CTF) obligations, as outlined in the law.
Implement comprehensive procedures for initiating and monitoring business relationships and identifying and verifying customers who use its services.
Implement procedures to ensure compliance with international sanctions.
Instal adequate infrastructure to securely store customer data, along with robust security measures to guard against cyber threats and unauthorised access.
Apply procedures for detecting and reporting suspicious transactions and other unusual operations.
Adopt a risk-based approach, tailored to the risks identified through regular and relevant risk assessments.
Maintain records of all transactions and customer information for 5 - 10 years (depending on the information type).
When do you need to comply with the Travel Rule in Poland?
Now - the Travel Rule is in effect.
