Provision of services for companies and trusts is now a regulated activity
The Polish parliament has approved an amendment to the AML Act, introducing a new type of regulated activity into the Polish legal system: provision of services for companies and trusts.
The amendment passed by parliament in March 2021 to the AML Act expanded the range of regulated activities, i.e. business activity that can only be conducted once the provider is registered. As of 31 October 2021, a register was created for entities providing services for companies or trusts.
Entry in this register is compulsory for entities that provide, even incidentally, services of this kind for commercial companies, for example incorporation of companies, holding the position of a management board member (a manager for hire) or providing a registered office, business address, or address for correspondence for companies. The only exception to this registration requirement is attorneys at law and their companies. For entities that conducted activity of that kind prior to 31 October 2021, the deadline for registration is 30 April 2022.
Persons performing services for companies and trusts are required to demonstrate the appropriate track record (a minimum of one year’s experience) or completion of training on the legal and practical aspects of this activity, and may not have any prior convictions for certain offences, mainly concerning state institutions or economic crime. Conducting activity without being registered could result in a fine of up to PLN 100 000.
This new obligation for entities providing services for companies could have a major impact on foreign enterprises operating in Poland through subsidiaries. This is because compulsory registration will apply for example to company managers who are self-employed or entities providing services such as lease of virtual offices and a correspondence address for companies with foreign capital.
 Act of 30 March 2021 amending the Act on Money Laundering and Financing of Terrorism, and certain other acts (Journal of Laws, item 815, as amended)