Soon, the Act amending certain laws in connection with ensuring the development of the financial market and the protection of investors in this market, commonly referred to as “Warzywniak” will come into effect. On August 29, 2023, the Act was published in the Journal of Laws and will become effective on September 29, 2023. The […]
On June 28th 2023 The European Commission has published a package of changes to the rules governing the payment services sector, consisting of the revision of the Payment Services Directive and the implementation of PSD3, as well as the adoption of a new Payment Services Regulation (PSR). These pieces of legislation are intended to enable the development […]
June 16, 2023. The European Banking Authority (hereinafter: “EBA”) has published a report on money laundering and terrorist financing risks in payment institutions (hereinafter: “ML/FT”). The article is a summary of the 2022 ML/FT risk assessment conducted in the payment services sector. In the course of developing the risk assessment, the EBA required supervisors to complete dedicated AML surveys, analyzed the European Commission’s supranational risk assessments, member states’ national risk assessments and supervisors’ sectoral risk assessments, and reviewed the authorizations for payment institutions in PSD2. The purpose of the risk assessment was to understand the scale and nature of ML/FT risks, assess the effectiveness of payment institutions’ internal systems and controls, the effectiveness of supervisory activities.
Entrusting the processing of personal data, processor assessment, risk of potential breaches and incident prevention – what should a data controller focus on when selecting and working with a processor? Entrustment Today, entrusting the processing of personal data to a processor is an everyday occurrence. Many business processes could not take place if such entrustment did not occur. […]
The purpose of conducting the so-called risk assessment of an obliged institution, as defined in the AML and Terrorist Financing Law (AML Law), is for obliged institutions to understand how high the risks of money laundering and terrorist financing they are exposed to. With a properly conducted risk assessment, obliged institutions have a real chance to effectively prevent the diagnosed risks. This is particularly relevant for obliged institutions working with entities providing services from the cryptocurrency industry.
Academic studies on aspects of blockchain technology often use complicated technical phrases such as – to name the most important ones – distributed network, decentralized network, DLT (distributed ledger technology), consensus algorithm, PoW (proof of work) or PoS (proof of stake). For this reason, it often remains a complicated, even incomprehensible part of the world of new technologies. In this article I will try to answer the question in an accessible way – what is blockchain?