What is the AMLR and why does it change the rules of the game?
For years the European Union has been tightening control over financial flows in order to counter money laundering and terrorist financing more effectively. The next step is the AMLR (Anti-Money Laundering Regulation) - a single set of rules which will apply in all Member States from mid-July 2027 without the need for separate implementation in national law.
The key change is that the customer verification obligation will depend solely on the value of the transaction, not on the chosen payment method. This means that a bank transfer, a card payment and a cash payment will all be subject to the same rules. Until now, differences between the regulations of individual EU countries allowed loopholes to be exploited - the new rules are meant to eliminate this problem by creating common, uniform rules across the whole internal market.
For Polish entrepreneurs and consumers, this means having to prepare for new procedures that will affect not only the financial sector but also many retail and service industries. It is worth understanding the scope of these changes now, so as to avoid surprises when they come into force.
The €10,000 threshold - when will a seller ask for your PESEL?
The central element of the AMLR is the transaction threshold of €10,000, which is roughly PLN 43,000. Every transaction above this amount will require the seller to carry out detailed verification of the customer's identity. In practice, this means that the buyer may be asked to provide:
- a PESEL number - the basic identifier of an individual in Poland,
- a NIP (tax identification) number - for transactions made by businesses,
- a bank account number in IBAN format - to verify the source of funds.
Importantly, a transfer from your own bank account alone will not be enough to confirm the origin of funds. The seller will be required to establish the customer's identity and check whether the customer is acting on behalf of another person - the so-called beneficial owner of the transaction. This is a fundamental change compared with current practice, in which many trading companies carried out no verification of buyers at all.
It is also worth remembering the lower threshold for cash payments. For a cash transaction considered to be low risk, simplified checks may be required from as little as €3,000. For higher-risk transactions, the procedures will be more extensive.
Exactly who will the new AMLR rules apply to?
The AMLR significantly widens the range of entities obliged to apply anti-money laundering procedures. The new obligations will cover not only the traditional financial sector but also industries that until now operated largely outside this regime. The list of entities covered is extensive and includes, among others:
- crypto-asset service providers - exchanges, custodial wallets, and DeFi platforms to a defined extent,
- crowdfunding platforms and lending companies,
- car dealers - for vehicle sales above the threshold,
- real estate intermediaries - agents and property brokerages,
- art galleries, auction houses and art dealers - the art market has long been identified as vulnerable to money laundering,
- lawyers and legal advisers - in respect of certain transactional services,
- sports clubs - particularly in the context of player transfers and sponsorship.
For the crypto-asset industry the changes are particularly significant. Cryptocurrency service providers will have to apply the same verification procedures as traditional financial institutions. This means the end of anonymity for larger transactions on cryptocurrency exchanges operating in the EU. Companies in this sector that plan to operate in Poland or other EU countries should already be putting in place suitable legal and accounting structures for cryptocurrencies to ensure full compliance with the new requirements.
How to prepare your company to implement AML procedures
Businesses covered by the AMLR will have around a year to prepare and implement the relevant verification procedures. This is a relatively short time given the scale of the changes. Fortunately, modern technology - including automated identity verification systems and compliance tools - can shorten the implementation process from several months to just a few weeks.
The key steps that every obliged business should take include:
- Audit of current processes - checking which transactions exceed the €10,000 threshold and what data is currently collected from customers.
- Developing a KYC procedure (Know Your Customer) - creating or updating internal rules for identifying customers and beneficial owners.
- Implementing technology tools - choosing systems for automated document verification and transaction monitoring.
- Staff training - preparing employees to apply the new procedures in their day-to-day work with customers.
- Legal consultation - verifying that procedures comply with the AMLR and with supplementary Polish legislation.
It is worth stressing that failure to comply with the new obligations may result in severe financial and administrative sanctions. The AMLR provides for a harmonised system of penalties at EU level, which means that Polish supervisory authorities will apply standards similar to those in force in other Member States.
What does the change mean for consumers and investors?
From a consumer's perspective, the new rules mean above all more formalities for more expensive purchases. When buying a car, a property or a work of art, or making a larger investment in crypto-assets worth more than €10,000, you will need to be ready to provide additional documents and personal data.
For investors and entrepreneurs operating in multiple jurisdictions, the change has even deeper consequences. Common AML rules across the EU do eliminate the possibility of exploiting regulatory differences between Member States, but at the same time they increase legal certainty and the predictability of the business environment. Companies operating across borders will be able to apply a single verification procedure instead of adapting to different regulations in each country.
The new rules form part of a broader trend towards greater financial transparency at global level. Businesses that adapt their organisational structures and procedures to the new requirements early enough will gain a competitive advantage and avoid the risk of sanctions. This applies in particular to companies in the crypto-asset sector, luxury goods trading and professional services.
Need support? Book a free consultation
The AMLR introduces significant changes that will affect both businesses and consumers making transactions above the specified thresholds. Preparing suitable procedures - and, for crypto-asset companies or those operating in several countries, also a suitable legal and tax structure - requires an individual analysis.
The Global Tax Partners team specialises in the accounting and structuring of cryptocurrency-related activity in Poland, the EU, the UK and Dubai, as well as in comprehensive support for companies operating internationally. If you are wondering how the new rules will affect your business and how to plan a structure that complies with the AMLR - take advantage of a free consultation.
Call: +48 505 684 412 or visit globaltax.partners to arrange a conversation with an adviser. The first consultation is free.
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