Bank transactions will be checked by the taxation Office

In Poland, as in many another countries, banks are obliged to monitor their clients' financial transactions. According to the law, transfers exceeding certain amounts or gathering circumstantial criteria must be notified to the applicable control bodies, including the taxation Offices. This means that any transactions that may seem innocent can be thoroughly checked by the taxation authorities. Therefore, it is worth knowing erstwhile the taxation controller will knock on our door and what transactions may lead to suspicions.

Basic threshold for transaction monitoring

Under the anti-money laundering and terrorist financing Act, all financial transactions with a value exceeding EUR 15 000 (approximately PLN 65 thousand) must be notified to Chief Financial Information Inspector (GIIF). It is the institution liable for collecting and analysing information about suspicious transactions. If the transaction raises doubts, GIIF may transfer the data to Tax Officewhich will carry out further analysis, including verification of the intent of the transfer and possible verification of sources of income.

Security limits for transactions

Banks not only apply the statutory threshold of PLN 65 thousand, but besides introduce their own safety limits for one-off transactions. Depending on the bank, they may scope from 50 to 200 1000 PLN per day. erstwhile the client makes a transfer that exceeds these limits, the bank is required to carry out an additional identity verification Client. This verification is most frequently carried out in individual in the branch of the bank, where the client is asked to supply additional papers to confirm the legality of the origin of funds. specified precautions are aimed at preventing money laundering and financing illegal activities.

When does the transaction rise suspicion?

In addition to the amount of transfers, banks and another financial institutions pay attention to another trading patterns that may rise doubts. Above all, peculiar attention is drawn regular global transfers, in peculiar those implemented from countries deemed to be tax havens. Banks are required to monitor specified transfers to guarantee that they are not related to money laundering or terrorist financing.

Also frequent payments of akin amounts from different broadcasters They can rise suspicions. specified transactions may propose that funds are transferred from unknown or suspicious sources. In addition, banks analyse high value transferswhich do not have a clearly defined title. specified transactions may rise doubts about the financial intent or origin of money.

What are the consequences for taxpayers?

If the IRS considers that the transfer has been made in a way that is incompatible with the rules, it is possible Financial penalties and another legal consequences. It is worth remembering that taxation control is not always linked to unfair actions of the taxpayer. Sometimes even large-amount transfers, if not decently documented or demonstrated, can be considered suspicious and analysed in detail.

If irregularities are detected, The IRS can impose fines and even bring the case to court in the worst case. Of course, to avoid this, it is worth remembering taxation obligations and documenting your financial transactions.

How to avoid taxation control?

To avoid unnecessary problems with taxation authorities, it is worth ensuring the transparency of their financial transactions. Here are any tips:

• Regular document sources of income. It is worth having complete documentation that confirms the legality of the measures.
• Avoid frequent and large global transfers without a clear target. If you request to transfer to a country considered a taxation haven, effort to justify it with a reliable document.
• Remember, larger transfers may require verification. If the bank asks you for more information, prepare it as shortly as possible.

Bank transactions in Poland are subject to peculiar control, especially if they exceed certain limits or rise suspicion of the origin of the measures. Transfers above EUR 15 000 (approximately PLN 65 thousand) must be notified to Chief Financial Information Inspector. Banks besides apply additional safety limits, and regular global transfers may become a reason for verification. To avoid unpleasant consequences, it is worth documenting your transactions and avoiding suspicious patterns in financial activities.