Financial Crime World

Poland’s Payment Services Act: Key Definitions and Regulations

In an effort to clarify the payment services landscape, Poland has introduced several key definitions and regulations under its Act of 19 August 2011 on Payment Services. Here are some of the most important ones:

Payment Accounts

  • A payment account refers to an arrangement where a person can make payments or receive funds from another person.

Bank Accounts and Cooperative Savings and Credit Union Accounts

  • These accounts are not considered payment accounts, but rather traditional banking arrangements.

Securities Account, Omnibus Account, and Cash Account

  • These types of accounts are used for trading in financial instruments under the Act of 29 July 2005 on Trading in Financial Instruments.

Fund Participant Register or Closed-End Investment Fund Participant Record

  • These records keep track of identification data for authorized persons who participate in investment funds.

Virtual Currency Collection

  • This refers to a digital collection of values that can be exchanged for legal tender and accepted as a means of exchange, including being electronically stored or transferred.

Correspondent Relationships

  • A correspondent relationship is established when one bank provides banking services to another bank, or between credit institutions, financial institutions, or other entities that provide similar services.

Regulation 2015/847

  • This regulation deals with information accompanying transfers of funds and repeals Regulation (EC) No 1781/2006.

Business Relationships

  • Business relationships refer to professional activities between obligated institutions and customers that indicate a feature of sustainability.
  • Transactions are any legal or actual action that results in the transfer of ownership or possession of assets.
  • Occasional transactions are those that are not performed under business relationships.

Transfer of Funds

  • This refers to the transfer of funds within the meaning of Regulation 2015/847.

Trust

  • A trust is a legal relationship regulated by foreign law, resulting from a legal event, agreement, or memorandum of understanding.

Insurance Agreement

  • An insurance agreement is an agreement that falls under Section I of the Annex to the Act of 11 September 2015 on Insurance and Reinsurance Activity.

Transaction Suspension

  • This refers to any temporary restriction on using and administering assets, preventing the performance of specific transactions or a larger number of specific transactions by obligated institutions.

Additional Provisions

  • The Act also provides several provisions related to insurance agreements and safebox availability.
  • It clarifies that Regulation 2015/847 does not apply to transfers of funds between providers of payment services established in Poland if certain conditions are met.

Key Takeaways

  • Payment accounts can be used for various transactions, including payments or receiving funds.
  • Obligated institutions must appoint senior management members responsible for performing obligations under the Act.
  • The amounts denominated in euro provided herein shall be converted at the average exchange rate of the currency announced by NBP.