Financial Crime World

Regulatory Compliance Training for Financial Professionals in Poland

Overview of Regulatory Framework

Poland’s financial sector is subject to strict regulations, with various laws and acts governing banking, insurance, payment services, securities brokerage and trading, investment funds, and pension funds. To ensure compliance with these regulations, financial institutions must obtain the necessary authorizations from the Polish Financial Supervision Authority (PFSA).

Key Regulations and Acts

The following are key regulations and acts that govern the financial sector in Poland:

  • Banking Law Act (2019): regulates banking activities in Poland
  • Insurance Market Supervision Act (2005): oversees insurance market activities
  • Payment Services Act (2011): governs payment services in Poland
  • Securities Trading Act (1996): regulates securities trading

Compliance Requirements

To comply with these regulations, financial institutions must:

  1. Obtain the necessary authorizations from the PFSA
  2. Register their activities with the PFSA
  3. Comply with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations
  4. Implement effective risk management systems

Training Requirements

To ensure compliance, financial institutions must provide regular training to their employees on regulatory requirements, including:

  • Risk Management: training on risk management principles and practices
  • Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT): training on AML/CFT regulations and practices
  • Customer Due Diligence/Know-Your-Customer (KYC): training on customer due diligence and know-your-customer principles and practices
  • Anti-Bribery and Corruption: training on anti-bribery and corruption regulations and practices

Consequences of Non-Compliance

Failure to comply with these regulations can result in severe consequences, including fines, penalties, and reputational damage. Financial institutions must take proactive steps to ensure compliance and maintain a strong risk management culture.

Staying Up-to-Date

The regulatory landscape is constantly evolving, and financial institutions must stay up-to-date with the latest developments. This includes:

  • Regular Review of Compliance Policies: regularly reviewing and updating compliance policies and procedures
  • Industry Events and Conferences: participating in industry events and conferences to stay informed about regulatory changes
  • Regulatory Bodies and Industry Associations: engaging with regulatory bodies and industry associations to stay informed about regulatory developments

By staying informed and proactive, financial institutions can ensure compliance and maintain a strong reputation in the Polish market.