Bank accounts in Poland gathered in a database

The Ministry of Finance announced it is working on Central Account Database that is to gather information on all bank account holders in the country. The intention is to enable easy access to financial information for various public institutions. The move will help fighting white collar crime and target criminals.

The new regulations will apply not only to banks, but other financial institutions as well. On the list of entities subject to the upcoming bill will be savings and credit unions, brokerage houses, credit institutions, investment funds, payment institutions and pension and insurance funds. In other words, all entities that deposit and handle people’s money.

The database will include various information on the account and the account holder. The data will be updated on a daily basis. Information will be maintained and processed for the period of 10 years after the account is closed. Interestingly, the collected information will concern bitcoin and other so-called virtual currencies. It will the first time ever such type of asset is included in Polish legal act.

Numerous public office and institutions will have access to the central database of bank accounts in Poland. It will be the Police, Central Anti-Corruption Bureau, National Security Agency, Prosecutor’s Offices, tax authorities, General Inspector of Financial Information, courts, court bailiffs, or even Border Guard and Gendarmerie.

Central Account Database will include information on account holders, beneficiary owners and plenipotentiaries with access to accounts. Still, information on the amount of assets, turnover, or account history will stay confidential. Public authorities will only gain access to the information of the currency in which the account is kept, account type and date of opening.

The new law will be targeting those involved in money laundering, fraud, financing terrorism and tax evasion. It will allow the authorities a quicker and easier access to information.