January 17, 2025 is the day feared by managers of many an entities obliged to implement Regulation (EU) 2022/2554 of the European Parliament and of the Council of December 14, 2022 on the operational digital resilience of the financial sector and amending Regulations (EC) No. 1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU) No. 909/2014 and (EU) 2016/1011 (hereinafter: “the Regulation” or “DORA”), because it is that date from which the Regulation will be applied. What’s important, there is still nearly a year to this date, but financial sector institutions are already working intensively on the implementation of DORA in their organizations. In this article we introduce the subject of the Regulation, as well as discuss its possible impact on the financial market.
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.
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.
On August 10, 2022, a new draft of the bill with amendments to the Payment Services Law and the Foreign Exchange Law (list number UD52) was presented on the website of the Government Legislation Center. This bill provides for a number of key amendments to the Payment Services Act.