MACURA | Unikalna wiedza ekspercka

Kancelaria MACURA.
ul. Odyńca 7/13
02-606 Warszawa

T: (+48) 696-011-713
M: monika.macura@kancelariamacura.pl

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Longlasting control proceedings conducted by the FSC

On behalf of our client, a national payment institution, we were involved in a months-long audit procedure conducted by the financial supervision commission.

The proceedings included an audit of the payment institution’s compliance with payment market regulations.

The proceedings included inspection of the client’s internal documents, providing explanations to written questions from representatives of the inspection team and participating in meetings with representatives of the commission.

We participated in the audit proceedings at all stages of the proceedings – from the notification of the audit, through the submission of oral and written explanations, as well as when receiving the audit protocol.

This experience allows us to understand the specifics of the operation of the FSC as a collegiate administrative body, as well as the legal conditions concerning the decisions made and the modes of the proceedings conducted.

The Financial Supervision Authority exercises direct supervision over the payment market. In the event that, during an audit, it finds violations of applicable laws, the FSC may issue recommendations, individually to the entity in question, impose financial penalties as provided by law, and revoke a financial institution’s licence to operate.

Providing professional legal support during inspections, from a law firm experienced in the payment services market, minimises the risk of negative decisions by the Commission.

See also:

Documentation of the anti-money laundering and anti-terrorist financing (AML) system

For our client, during regular legal advice, we developed documentation for an anti-money laundering and counter-terrorist financing system (hereinafter “AML/TF system”, maximum penalty for violating those laws may result in financial penalty up to 5 million EUR).

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Representation in proceedings to obtain a license to provide payment services as a national payment institution (NPI)

As part of our ongoing cooperation with a client, a small payment institution, providing payment services including issuing of credit cards and providing payment credit to consumers, we represent the client in the proceedings for obtaining a license to provide payment services as a national payment institution.

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