On 30.03.2021 the President of the Republic of Poland was sent for signature Law on amending the Law on Counteracting Money Laundering and Financing of Terrorism and some other laws. The law expands the catalog of obligated institutions. In doing so, the definition of a beneficial owner has been clarified, among other things. Once the planned changes take effect, obligated institutions will have to make sure that they have recognized all of their client's beneficial owners. The draft expands the catalog of entities obliged to disclose their beneficiary to the CRBR. In addition to certain commercial law companies listed in the law so far, this obligation will also apply to: trusts (limited to those whose trustees reside or establish business relations or acquire real estate in Poland, on behalf of or for the benefit of the trust), partnerships, European companies and cooperatives, European economic interest groupings, associations subject to registration in the National Court Register, and foundations.
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