Poland Introduces New Banking Rules: Banks to Verify Customers’ Existence After 5 Years of Inactivity

The Sejm, Poland’s lower house of parliament, has passed an amendment to its Banking Law, introducing new obligations for banks to protect dormant accounts. Under the updated regulations, financial institutions are required to verify whether account holders are still alive if no transactions are made for five years. This requirement will be fulfilled using data from the national PESEL register, a centralized system containing personal identification information.

The new law aims to address inactive accounts, providing an extra layer of oversight and safeguarding unclaimed funds. Significantly, if a customer holds multiple accounts at the same bank, the five-year period of inactivity will only come into effect if no activity occurs across all their accounts. For instance, a transaction on one account will reset the inactivity clock for all accounts held by that individual.

The regulations also extend to accounts whose contracts have ended. Suppose a client fails to provide instructions regarding the funds in a fixed-term account after the contract expires. In that case, banks will now be required to perform a verification check through the PESEL register three months following the account’s expiration.

These provisions are part of a broader deregulation initiative spearheaded by Poland’s Ministry of Finance to modernize financial laws and enhance consumer protections. By ensuring dormant accounts are regularly checked, the government aims to prevent funds from being forgotten or falling into legal limbo.

This legislative update highlights the Polish government’s commitment to increasing transparency and accountability in the banking sector while prioritizing customer welfare and access to unclaimed funds. Financial institutions will now play a more active role in monitoring and managing dormant accounts to ensure proper handling.