Polish Financial Regulations: Obligated Institutions and Payment Services
Introduction
Warsaw, Poland - The Polish government has introduced new regulations aimed at ensuring the stability and security of financial transactions within the country.
Definitions
Key Definitions:
- Obligated Institution: A bank, cooperative savings and credit union, securities account, omnibus account, cash account, registry of fund participants, records of closed-end investment funds, collection of identification data, derivative account, or correspondent relationship.
- Transaction: Any legal or actual action that results in the transfer of ownership or possession of assets.
- Virtual Currency: A digital image of value other than a legal tender issued by NBP, foreign central banks, or public administration bodies.
- Transfer of Funds: The transfer of funds within the meaning of Regulation 2015/847.
Regulations
According to the Act of 19 August 2011 on Payment Services, obligated institutions are required to ensure compliance with the Act’s obligations and appoint senior management members responsible for ensuring compliance. Additionally, the regulations provide for transaction suspension measures to prevent unauthorized transactions.
- New Requirements: Obligated institutions must:
- Appoint senior management members responsible for ensuring compliance
- Ensure transparency in financial transactions
- Monitor and report on transactions
- Exemptions: Transfers of funds between providers of payment services established in Poland are exempt from certain requirements under Regulation 2015/847 if the payee’s provider can monitor the transfer and the amount does not exceed EUR 1000.
Impact on Financial Institutions
The new regulations will require obligated institutions to:
- Ensure compliance with the Act’s obligations
- Appoint senior management members responsible for ensuring compliance
- Monitor and report on transactions
Conclusion
The Polish government has introduced new regulations aimed at strengthening the financial sector by ensuring transparency, security, and stability in financial transactions. The regulations define obligated institutions, transactions, virtual currencies, and transfer of funds, and introduce new requirements for transaction monitoring and reporting.