"The money laundering prevention practices previously common in financial institutions can now be seen as a breach of the law. How long does the financial institution have to keep the data of the final beneficiary and what sanctions are applied if it does not meet the deadlines? The law stipulates (Article 19 (10) of the PPTFP) that data on the beneficiary must be kept for 8 years from the date of termination of transactions or business relations with the client. The supervisor has the right to extend this period for another two years. This is a relatively long period of time, so the financial sector is again incurring additional costs. On the other hand, it is justified because the prevention of money laundering and terrorist financing is one of the elements of the protection of the public interest. If these deadlines are not met, natural persons may be fined from EUR 500 to EUR 2,400 and legal persons from EUR 2,100 to EUR 6,000."
"The money laundering prevention practices previously common in financial institutions can now be seen as a breach of the law.
How long does the financial institution have to keep the data of the final beneficiary and what sanctions are applied if it does not meet the deadlines?
The law stipulates (Article 19 (10) of the PPTFP) that data on the beneficiary must be kept for 8 years from the date of termination of transactions or business relations with the client. The supervisor has the right to extend this period for another two years. This is a relatively long period of time, so the financial sector is again incurring additional costs. On the other hand, it is justified because the prevention of money laundering and terrorist financing is one of the elements of the protection of the public interest. If these deadlines are not met, natural persons may be fined from EUR 500 to EUR 2,400 and legal persons from EUR 2,100 to EUR 6,000."
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