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Communication no. 10 on the application of a customer due diligence measure covering the customer identity verification by the obligated institutions which are financial institutions referred to in the Act of 4 October 2018 on employee capital plans (Journal of Laws of 2018, item 2215).

The customer identity verification is one of the customer due diligence measures applied by an obligated institution to the extent and with an intensity taking into account the identified money laundering and financing of terrorism risk related to business relationships or an occasional transaction as well as its assessment (Article 33 of the Act of 1 March 2018 on counteracting money laundering and financing of terrorism) (Journal of Laws of 2019, no. 1115, hereinafter referred to as “the Act”).

 

Pursuant to Article 42 of the Act, as a rule, the participation in the employee capital plan (ECP) should be linked to a lower risk of money laundering and financing of terrorism, so it constitutes the case in which the obligated institution, having confirmed a lower risk of money laundering and financing of terrorism in the performed assessment risk, may apply simplified customer due diligence measures.

 

Pursuant to Article 37 the verification of customer identity is based on the confirmation of determined identification data based on a document confirming the identity of a natural person, a document containing valid data from the extract of the relevant register or other documents, data or information originating from a reliable and independent source.

 

It seems that in the case of business relationships covering the conclusion of an agreement referred to in Article 14 of the Act of 4 October 2018 on employee capital plans (Journal of  Laws of 2018, item 2215), so the ECP operation agreement, the information containing the ECP participant identification data referred to in Article 36(1)(1) of the Act submitted to the obligated institution by the employing entity confirming that the employing entity is a social insurance contribution payer within the meaning of 13 October 1998 on social security system (Journal of Laws of 2019, item 300, as amended) in relation to the ECP participant, for and on behalf of whom the employee entity concluded the ECP operating agreement should be treated as the information originating from a reliable and independent source.

 

It must be emphasized that only the obligated institution is responsible for fulfilling the obligation of customer due diligence measures, while the application of these measures must be documented.

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