VASP Report in Poland

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VASP Report in Poland

On 28.09.2023 the General Inspector of Financial Information (GIIF) has obliged virtual asset service provider (VASP) in Poland to submit activity report for each quarter. The obligation was announced by the GIIF in Announcement No. 67 (original text available here). The GIIF is a body within the Polish Ministry of Finance and is one of the supervisors of obligated institutions within the meaning of AML.

Do you want to learn more about what VASP is? Are you interested in what services it can provide in Poland? If so, I encourage you to read our article on the subject – link.

What are the deadlines for submitting quarterly VASP reports to GIIF?

Reports must be submitted by the following deadlines:

  1. for the first quarter of a given year – by April 18 of a given year,

  2. for the second quarter of a given year – by July 18 of a given year,

  3. for the third quarter of a given year – by October 18 of a given year,

  4. for the fourth quarter of a given year – by January 18 of the following year.

To comply with the GIIF’s requirements, reports must be submitted on a quarterly basis within 18 days of the end of the quarter to which the data relate.

The first quarter for which the VASP report was due was Q4’2023. If you have not yet submitted this report to the GIIF then you should do so as soon as possible. It is possible to receive a penalty for failure to file the report. If you need help with this, you can contact our lawyers who will gladly help you.

How to submit a virtual asset service provider report to the GIIF?

Reports can only be submitted through the GIIF Information System. It is available here: https://www.giif.mofnet.gov.pl/#/glowna. The GIIF System is used not only for submitting quarterly reports, but also for reporting suspicious transactions or reporting AML violations.

Before you move to preparing the report there are some requirements and restrictions that you need to be aware of.

Regional Blockage

The GIIF system has a regional blockade and only allows connections from a Polish IP. If you want to access from an IP outside Poland you must report this fact to the GIIF technical department

Time Restriction

The System is only available Monday through Friday from 7:00 a.m. to 5:30 p.m. and is exclusively in Polish.

Using a Qualified Electronic Signature for VASP Reporting

In order to register you VASP into the System and to submit a quarterly report, it is necessary to have a qualified electronic signature.

Process of registering to the GIIF Information System

The first step is to register your company in the GIIF Information System. To do so, fill out a form with basic information about your VASP – name, NIP (tax ID) number, address, etc. It is necessary to indicate who is the AML Officer in the company and his contact information.

The registration procedure in the system is as follows:

  1. click on the ”Chcę zgłosić lub zaktualizować dane instytucji obowiązanej” title

giif vasp reporting notification

  1. select ” Formularz zgłoszenia instytucji obowiązanej “

giif information system - choosing form for notifying the obligated institution

  1. Here you must decide whether you want to register the institution using your electronic signature or on a paper form. If you want to use an electronic signature, press “Mam e-podpis.

giif information system for vasp reporting - choosing method of signing

If you want to report the mandatory institution on a paper form, then press “Nie mam e-podpisu”.

  1. you will be taken to the registration form – fill in the data you are asked for:

    • NIP” – Polish Tax Identification Number

    • Forma organizacji” – Form of organization, e.g. limited liability company (position number 9 in the drop-down list)

    • Nazwa” – Business name

  • Rodzaj działalności” – Type of activities, VASPs can choose from:

    • [VCP] – providing FIAT  CRYPTO exchanges

    • [VCV] – providing CRYPTO  CRYPTO exchanges

    • [VPP] – intermediating in FIAT  CRYPTO exchanges

    • [VPV] – intermediating in CRYPTO  CRYPTO exchanges

    • [VRR] – maintaining accounts allowing customers to store and use they cryptocurrencies

  • your address

giif information system - address of the obligated institution

  • name and data of the AML officer, including:

    • name

    • surname

    • position occupied in the institution

    • phone number

    • email address

giif information system - data of the AML Officer

  1. after filling the data press “Sprawdź formularz” – if all the required information has been completed “Formularz nie zawiera błędów. Możesz teraz wygenerować podgląd dokumentu” message will appear.

  2. then click “Generuj podgląd” and “Dalej”.

  3. if you selected e-signature in point 3. then click “Podpisz” – this will start the software to use the e-signature of the application. Afterwards press “Wyślij” and your submission will be sent to the GIIF.

  4. if you selected a paper submission in point 3. then click “Wygeneruj dokument” and you will be able to download a PDF file, which you must sign in the designated place. The signature is made by the person you indicate as AML Officer. The signature must be legible. Then send the signed copy back to the GIIF address. The letter must include the note “W kancelarii nie otwierać“. Send the notification form by registered mail with return receipt.

Remember that in order to submit the VASP quarterly report you must have a qualified electronic signature (QES). It is not possible to submit the report on paper. If you need assistance in obtaining a QES contact our lawyers – let us know, we will be happy to help.

Once the registration is completed, now the Ministry of Finance will verify your application – it may take 1 business day to assess your applicaiton.

Submitting the Quarterly VASP Report

Once your institution is registered in the GIIF System, you can proceed with submitting a quarterly statistics report that includes statistical data on transactions involving virtual currency units. To do this, follow the steps:

  1. Press the tile “Chcę przesłać statystykę kwartalną

giif information system - submitting quarterly report

  1. Click „Formularz dla instytucji obowiązanych prowadzących działalność w zakresie walut wirtualnych

giif information system - choosing the vasp uarterly report

  1. Now you can fill the report. You have to answer all questions included in the report, ensuring to provide detailed statistical data on activities related to virtual currency units.

What information does the VASP report in Poland contain?

The VASP quarterly report is very extensive – it consists of about 300 questions. The questions are divided into sections, e.g. AML activities, money laundering prevention, notifications, etc. The GIIF wants information on, among other things:

  • the number and value of FIAT  CRYPTO and CRYPTO  CRYPTO transactions

  • what methods clients use to buy crypto-assets

  • whether VASP accepts transactions using mixers and tumblers

  • when was the last time VASP updated its risk analysis

  • where clients come from

  • how many virtual currencies VASP supports, etc.

When does the obligation to submit VASP reports go into effect?

VASPs were required to file their first report as early as Q4’2023 by January 22, 2024 (the GIIF extended the deadline one time) – if you haven’t already done so, it’s imperative that you do so as soon as possible. There are administrative penalties for failure to file the report. Moreover, accordingly to recently published draft of Polish Act on crypto-assets, you may be removed from Polish VASP Register if you fail to submit 2 reports.

From now on VASP must report to the GIIF every quarter.

 

If you need help in filing the report, you can contact us. Our attorneys will be happy to assist you in this matter.

The legal basis of the new reporting obligations for VASPs in Poland is Article 76 of the Polish AML Act, which allows the GIIF to request any information or documents from the obligated institutions.

You must have qualified electronic signature. 

Other than that you must fulfill the following technical requirements to use the GIIF System properly:

  • Java 8
  • Szafir Host (QES software)
  • Szafir SDK (plug-in to your browser)

Use only the recommended web browsers:

  • Google Chrome version at least 92.0
  • Mozilla Firefox version 91.0 or higher
  • Opera version at least 78.0

The reporting should include information such as:

  • the number and value of transactions,
  • the number and type of customers,
  • the number and value of frozen or blocked funds,
  • the number and value of suspicious transactions,
  • information on technical measures used for preventing frauds and money laundering, etc.
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