In view of the numerous violations of the Act of 1 March 2018 on counteracting money laundering and financing of terrorism (Journal of Laws 2023, item 1124 as amended) concerning the obligation to apply CDD measures by obligated institutions operating in the field of virtual currencies, the General Inspector recalls that pursuant to Art. 35.1.2c) of the Act, in the case of occasional transactions using virtual currency with the equivalent of EUR 1,000 or more, obligated institutions referred to in art. 2.1.12 of the Act, apply CDD measures.

This standard applies to all transactions using virtual currency with an equivalent value of EUR 1 000 or more, regardless of the name given to the contract by the parties to the transaction. This means that the entities referred to in Art. 2.1.12, in accordance with Article 35 of the Act, in the case of transactions involving virtual currencies, are obliged to apply CDD measures also to transactions with a value equal to or exceeding EUR 1 000. In other words, even if the parties to the transaction arrange the legal relationship so that the virtual currency constitutes a ‘property right’ that ‘is not equivalent to a cash benefit’, this does not relieve the obligated institution of its obligation to apply CDD measures. ‘Use of virtual currency’ means that where a transaction involves such currency, CDD measures are required regardless of the consideration for the virtual currency transferred or whether the transaction involves the exchange of virtual currency for another virtual currency or cash. 
At the same time, the General Inspector stresses that obligated institutions entering into business relations with other obligated institutions – including those that operate in the field of virtual currencies – as part of the customer risk assessment referred to in Article 33 para. 2 of the Act and the application of the CDD measure referred to in Art. 34.1.3 of the Act, i.e. assessments of business relations, should determine and then take into account in the assessments whether these clients, including entities operating in the field of virtual currencies, apply CDD measures in all situations referred to in Article 35 of the Act. For clients that are virtual currency service providers, it should be taken into account whether such entity applies CDD measures when dealing with virtual currencies with a value equal to or exceeding EUR 1 000.