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POLISH BANKING AUTHORITY ISSUES NEW GUIDELINES ON PAYMENT SERVICES AND VIRTUAL CURRENCIES

Warsaw, Poland - The Polish Banking Authority has issued a new set of guidelines on payment services and virtual currencies, effective immediately. The guidelines aim to clarify the definition of various financial terms and establish rules for businesses operating in the sector.

DEFINITIONS OF KEY TERMS

The guidelines define key terms such as:

  • Payment account: an account that allows for the execution of payment transactions.
  • Banking services: a set of financial services provided by banks to their customers.
  • Correspondent relationships: relationships between banks or financial institutions where they act on behalf of each other.
  • Transfer of funds: the movement of money from one account to another.
  • Virtual currency: a digital image of value that can be exchanged in business transactions.
  • Assets: items or properties that have economic value.

REGULATIONS ON INFORMATION ACCOMPANYING TRANSFERS OF FUNDS

The guidelines implement Regulation 2015/847, which requires the following information to be provided with transfers of funds:

  • The name and address of the sender and recipient.
  • The amount and currency of the transfer.

EXEMPTIONS FOR CERTAIN TRANSACTIONS

Certain transactions are exempt from the regulations on information accompanying transfers of funds. These include:

  • Transfers between providers of payment services in Poland, if the payee’s provider can monitor the transaction using a unique identifier, and the amount does not exceed EUR 1000.

APPOINTMENT OF SENIOR MANAGEMENT MEMBERS

Obligated institutions are required to appoint senior management members responsible for performing the following obligations:

  • Ensuring compliance with anti-money laundering regulations.
  • Reporting requirements.

KEY TAKEAWAYS

  • The guidelines define key terms such as “payment account”, “banking services”, and “virtual currency”.
  • Regulation 2015/847 requires information to be provided with transfers of funds.
  • Certain transactions are exempt from the regulations, including transfers between providers of payment services in Poland.
  • Obligated institutions must appoint senior management members responsible for performing obligations defined in the guidelines.

By implementing these new guidelines, the Polish Banking Authority aims to promote a safe and secure payment services sector that supports economic growth and innovation.