Performing compliance functions in areas of the company’s operations, including in the areas of personal data protection and anti-money laundering and financing of terrorism (AML)
We provide ongoing legal services to our client who provides consumer credit as a lending institution. The legal services include performing compliance functions in areas of the company’s operations, including legal advice on personal data protection and anti-money laundering and terrorist financing.
As part of the cooperation, our firm ensures the correctness of internal procedures and their adequacy to the company’s business profile and current guidelines of Polish and EU supervisory authorities. In addition, firm ensure the timely submission of reporting data to the supervisory authorities.
The firm assists the client with the implementation of internal control regulations, business continuity and risk management procedures for conducting business continuity. The firm also advises the client on anti-money laundering and terrorist financing processes. We also provide legal advice for the persons responsible for the area of anti-money laundering and terrorist financing in the company (maximum penalty for violating those laws may rise to the equivalent of the amount of 5 million EUR).
The firm also provides opinions on the implementation of solutions and provisions in the area of sharing and entrusting of personal data (companies my face a penalty up to 4% of their total annual worldwide turnover).
As a part of the compliance service, we also provide opinions on all projects that involve personal data, such as solutions for identification and identity verification, and marketing.
When providing the compliance service, we use dedicated tools to manage the process of preparing the submission of reports and provide a calendar of reporting obligations. In addition, we provide the client with a training platform, using which the client can raise the qualifications of its employees and ensure that they receive training in the area of AML/CFT and personal data protection.
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We began our cooperation with the client with establishing a limited liability company in accordance with the regulatory requirements for operating as a lending institution and obtaining registration in the register of lending institutions.
We are representing our client, a leading lending institution and a small payment institution (SME) in proceedings before Polish Supervisory Authority for authorisation to provide payment services as a national payment institution (NPI).