Brokerages may be unable to implement new money laundering regulations

Poland's brokerage houses are claiming that they will be unable to implement new regulations designed to combat money laundering. Explaining their position, the brokerages cite flaws in the new law, which is due to come into effect on July 23, and claim that it will only complicate their work. Under the bill's provisions, all brokerage transactions valued at over euro 10,000 would have to be registered with the authorities, and each time the "beneficiary" would have to be verified. The provisions refer to both single and chain transactions, and in particular to all those that appear "suspicious". According to the brokers, the regulations are ill-prepared. Anna Stezycka, vice-chairwoman of the Chamber of Brokerage Houses (IDM) and head of the brokerage at BGZ bank, said, "We are not against fighting money laundering. However, I am afraid no brokerage house will be able to stick to the new law. The bill misses a few definitions and the executive documents to the bill have not been prepared yet." (Rzeczpospolita, p. B1) J.K.