Follow-up inspections of CASPs in Poland - what should you expect?

Little is usually known that CASPs in Poland are entered into the CASP register in accordance with the Entrepreneurs' Law and not a dedicated crypto law. This means that after CASPs are entered into the register, they are subject to the possibility of control under the Entrepreneurs' Law. Such control aims at verifying whether the registered entities meet the statutory conditions, the fulfillment of which was the basis for the entry. From what we see on the crypto market in Poland, more and more CASPs are subject to such verification.

So what does this mean in practice?

Unlike the more stringent and time-consuming processes associated with the PSD, CRD, or MiFID regimes, Poland offers a streamlined alternative in terms of crypto registration where the emphasis is on meeting Anti-Money Laundering (AML) requirements and demonstrating crypto knowledge. It is important to note that compliance is not verified when the registration is granted. This is based on the fact that CASPs willing to register must state, under the pain of criminal prosecution, that they comply with the Polish AML Act. This allows for an easier and faster registration process, but on the other hand, leaves a possibility that CASPs wrongly consider themselves as compliant.

What can be covered during a control under Entrepreneurs' Law?

CASPs registered in Poland must be compliant with AML laws. In practice, this means an AML procedure that is compliant with Polish law, AML risk analysis of the CASP, internal structure of the CASP in line with AML law, in particular dedicated persons responsible for AML Compliance, including so-called obligated persons and AML staff on the management level. Additionally, crypto knowledge and experience must be confirmed.

At tau.legal, when we help CASPs enter into the CASPs register, we verify their compliance with the Polish AML Act. This means that we check the preconditions before our clients actually state their compliance, including the verification of internal documents and drafting of those documents if necessary. This allows CASPs that we register to feel confident in the event of a control. Get in touch with us if you have doubts whether your provided indeed verified your compliance, or you simply would like to check this with us.