In connection with numerous enquiries concerning the calculation of the time limit of reporting of the information on above threshold transactions referred to in Article 72 of the Act of 1 March 2018 on counteracting money laundering and financing of terrorism (Journal of Laws of 2019, item 1115) (hereinafter referred to as “the AML/CFT Act” ) directed to the General Inspector of Financial Information (the GIFI) I hereby inform that:

Pursuant to Article 72(5) of the AML/CFT Act, the obligated institutions are responsible for submitting the information on above threshold transactions referred to in Article 72 to the GIFI within 7 days from the execution thereof (maximum time limit for reporting is 7 days).

Provisions of the Act of 14 June 1960 - The Code of Administrative Procedure (Journal of Laws of 2018, item 2096, as amended) apply to the calculation of the time limit referred to in Article 72(5) of the above-mentioned Act. (vide Article 57 of the Code of Administrative Procedure).

In calculating the time limit for providing the above-mentioned information the day on which the event subject to reporting occurred shall not be included (Article 72(5) of the above-mentioned Act), thus, the calculation of the time limit begins from the day following this event, e.g. executing the payment transaction of transfer of funds or the performance of the activity in the form of the notary deed comprising transfer of the ownership of an asset took place on 22 July, so the time limit for reporting will expire on 29 July (29 July at 23:59:59).

It should be noted that if the end of the time limit for providing the GIFI with the information falls on a public holiday or Saturday, pursuant to Article 57 § 4 of the Code of Administrative Procedure the time limit for reporting shall expire on the next succeeding day which is not a public holiday or Saturday.