DGP: State-owned bank laundered dirty money

In May, Dziennik Gazeta Prawna reported that "supervisory authorities are conducting proceedings against BOŚ Bank. The prosecutor's office has also received notices [...]. https://www.pinterest.com/pin/1085437947660215829/

In May, Dziennik Gazeta Prawna reported, "supervisory authorities are conducting proceedings against BOŚ Bank. The prosecutor's office has also received notices in this case." Ultimately, the bank was fined PLN 4.5 million for failing to comply with anti-money laundering procedures. It will appeal, according to pb.pl. BOŚ Bank with problems The activities of BOŚ Bank have been scrutinized by the General Inspectorate of Financial Information and the Financial Supervision Authority. - Both institutions have submitted a notification to the prosecutor's office with a suspicion of committing a crime - said an informant of "DGP" in spring. The media later managed to learn from the National Prosecutor's Office that this is true. "The Regional Prosecutor's Office in Katowice has opened an investigation into the case. Due to its interest, at this stage the prosecutor's office does not provide information on the course of the proceedings", wrote the National Prosecutor's Office. - wrote the National Prosecutor's Office in response to "DGP" questions. What adds spice to the case is the fact that BOŚ Bank is indirectly controlled by the State Treasury. The point is that "the National Fund for Environmental Protection and Water Management holds 58.05 percent of the share capital, 8.61 percent belongs to the Polish Enterprise Investment Fund of PFR TFI, and 5.54 percent is held by the General Directorate of State Forests." - The scandal is big and it is not about laundering millions of zlotys, but much higher amounts. At the turn of September and October last year there was information that services from the United States intervened in the case, asking that the Polish side look into money laundering using BOŚ Bank, the newspaper's informant claimed in May. The article added that "the bank may have been at odds with AML regulations." Penalty BOŚ Bank announced this week that it had set up a PLN 4.5m provision for a fine imposed on the bank by the General Inspectorate of Financial Information (GIIF) "for failing to comply with the obligation to apply financial security measures and for failing to document the financial security measures applied". However, it also announced that it will appeal the inspector's decision. Cryptocurrencies thread It is worth recalling that in the further part of the article "DGP" from May there was a thread of cryptocurrencies: "In DGP we described last year that the bank maintains gold accounts for an Estonian payment operator, which in turn operates cryptocurrency exchanges. Including one invented by a company that the UOKiK suspects of playing the role of a financial pyramid. Such risks were also highlighted by the money laundering service in its 2019 annual report." Tags aml BOŚ bank cryptocurrency exchanges