Poland’s Robust Approach to Combating Financial Crime

A Strong Regulatory Framework Against Financial Malfeasance

In an effort to combat financial crime and maintain stability in the financial sector, Poland has established a robust regulatory framework overseen by the Polish Financial Supervision Authority (PFSA). The PFSA plays a crucial role in ensuring the proper functioning of the financial market, its security, transparency, and trustworthiness.

Key Objectives of the PFSA

• Ensure the proper functioning of the financial market
• Maintain market security and trustworthiness
• Safeguard the interests of participants through reliable information

Powers of the PFSA

The Act on Financial Market Supervision, passed in 2006, grants the PFSA extensive powers to implement licensing, regulatory, control, and disciplinary functions. These include:

Licensing and Regulatory Functions

• Issuing licenses for banks, insurance companies, pension funds, investment firms, and other financial institutions
• Imposing financial penalties on entities that violate existing regulations

Control and Disciplinary Measures

• Conducting control procedures within supervised entities to ensure adherence to regulatory standards
• Analyzing reports submitted by financial institutions on a regular basis to assess compliance with capital requirements

Initiating Supervisory Measures

The PFSA can initiate supervisory measures ex officio without relying on customer or participant complaints. However, such measures can also be triggered by reports of irregularities submitted to the authority.

Protecting Citizens from Financial Crime

By maintaining a strong stance against financial crime and enforcing robust regulations, Poland aims to create a secure environment for financial transactions and protect its citizens from illicit activities.