Eternity Law International — News — Supporting the Regulatory Process for Acquiring a Small Payment Institution License in Poland

Supporting the Regulatory Process for Acquiring a Small Payment Institution License in Poland

Published:
October 26, 2023

The financial arena stands as an ever-evolving, complex battleground, replete with both avenues for prosperity and formidable obstacles for those daring to venture into the realm of financial services. In the intricate mosaic of European financial markets, Poland emerges as an alluring beacon of opportunity for those intent on establishing their presence in this dynamic sector. To navigate this labyrinthine journey, we proffer indispensable legal, technical, and business expertise, extending invaluable support and counsel throughout the all-encompassing licensing procedure. In this extensive discourse, we embark on a scrupulous exploration of the process of accrediting Financial Entities in Poland.

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Traversing the Rugged Path

Securing the esteemed status of an Authorized Financial Entity in Poland may appear, at first glance, as an insurmountable endeavor. Nevertheless, armed with the right guidance and expertise, this journey transmutes into a rewarding odyssey. Let us delve into the multifaceted process that underpins this formidable expedition:

Preparation of Application and Regulatory Confrontation

The quest to procure a licensed Financial Entity unfurls with the meticulous chore of completing an application dossier. However, this is anything but a solitary mission. Effective dialogue with the regulatory body during the application phase is of paramount consequence. Here, the proficiency of our seasoned team of experts assumes a role of inestimable value, providing unswerving assistance to navigate the convoluted labyrinth of regulatory precepts and anticipations.

Nonetheless, the application stage marks only the primary stride. The crafting of a robust business plan stands as an imperative act in ensuring triumph. Our team aids in guaranteeing that your business plan harmonizes seamlessly with the intricate criteria stipulated by the regulator.

In addition, as you embark on this formidable journey, the establishment of safeguarding accounts and the creation of a local cadre represent pivotal milestones. These components form the bedrock for the construction of a cohesive and adept unit, capable of navigating the multifaceted Polish financial terrain.

Establishment of Legal, Financial, and IT Foundations

Poland emerges as a nation that exacts scrupulous preparation from prospective financial service providers. To secure your license, it is incumbent upon you to bolster your operational underpinning with a robust legal framework. This encompasses a gamut of vital constituents, inclusive of Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, alongside stringent IT and security protocols. Our expertise ensconces your legal framework, rendering it comprehensive and fully compliant with the intricate web of Polish regulations.

The sphere of financial documentation emerges as of paramount importance. The act of sculpting a three-year financial forecast and a comprehensive Profit and Loss (P&L) statement transcends the mundanity of numerical exercises; it represents the pulsating financial core of your enterprise. Furthermore, grasping the intricacies of fund flows within your organization constitutes a linchpin for enduring viability. We stand as your confided comrade, ensuring that your financial documentation emerges as exhaustive and painstakingly prepared.

Furthermore, your operational documentation must be impermeable, encompassing a panorama of essential components, such as internal policies, risk management policies, and a tenacious internal audit system. Your IT documentation must not only exhibit the cutting edge but also seamlessly align with the intricate mosaic of Polish regulations.

Embarking on the Rich Terrain of the Polish Fintech Market

Poland emerges as a promising nucleus for fintech enterprises, endowing a spectrum of opportunities. The nation boasts an abundant reservoir of skilled professionals, and the labor market bestows cost efficiency and access to experts replete with pertinent experience.

Moreover, Poland’s sustainable development, commingled with the currency exchange requisites of its populace and the burgeoning influx of migrants and emigrants, all conspire to heighten its allure for financial service providers. It burgeons as fertile soil for both Business-to-Business (B2B) and Business-to-Consumer (B2C) service providers, proffering a vast array of prospects.

Navigating the Regulatory Realm

In Poland, the pursuit of acquiring a licensed Financial Entity comes under the auspices of the Polish Financial Supervision Commission (KNF). This regulatory authority adheres to a judicious stance, meticulously assessing neophytes while affording a propitious milieu for businesses that stand as stalwart and compliant.

As of June 2019, Poland could boast of 49 companies wielding Authorized Financial Entity licenses, alongside 59 Small Financial Entities, and an impressive count of 1300 accredited Payment Service outlets. The issuance of five E-Money and Financial Entity licenses in 2019 and 2020 accentuates the burgeoning appeal of Poland. The choice of Poland as the locale for Revolut’s second-largest global office stands as a testimony to the enticing opportunities proffered by this nation.

Indispensable Prerequisites: A Glimpse into the Minute Details

Securing a Financial Entity license in Poland necessitates meticulous attention to precise prerequisites. While precise staff numbers are not etched in stone, it is imperative to marshal the right team to guarantee the quality of services. This encompasses, at the very least, the appointment of two board members and a commitment from no fewer than four employees, even before the initiation of legal contracts during the fledgling stages of the application.

Your managerial echelon must encompass an array of pivotal functions, ranging from AML and compliance to risk management, finance and accounting, cybersecurity, and the commercial facet, enveloping sales, marketing, and business development. This multifaceted approach is of the essence to ensure the comprehensive and compliant operation of your Financial Entity.

One pivotal determinant of your eligibility is your initial capital. The company must furnish evidence of a minimum capital of EUR 125,000. This stipulation stands as a testimonial to your financial resilience and sustainability.

Upon securing your license, you are granted a six-month window for the inception of your infrastructure and the commencement of your operations. This phase is pivotal, and exacting planning emerges as imperative for a seamless and triumphant launch.

The all-inclusive roster of mandatory documents assumes the status of a pivotal facet of the licensing process. This compilation includes:

  • Company identification data, enshrining fundamental company particulars and articles of association.
  • An exhaustive register of financial services earmarked for provision.
  • Financial statements.
  • A business plan with a purview of at least three years, encompassing marketing and operational strategies.
  • A financial blueprint extending to at least three years.
  • Proof of financial resources.
  • A detailed exposé of the risk management and internal control system.
  • A structured outline of the company and its affiliations, if applicable.
  • Identification data for managers and individuals vested with qualifying holdings within the company.
  • Proof of qualifications to ensure prudent and stable governance.
  • Identification of Statutory Auditors and Audit Firms.
  • Confirmation of the possession of civil liability insurance or a bank guarantee.
  • Verification of adherence to the stringent technical standards pertaining to robust customer authentication and the common and secure open standards of communication.
  • Confirmation of the payment of the authorization fee.
  • A comprehensive enumeration of your agents, should you intend to offer services through these intermediaries.
  • An overview of your branches, should you intend to offer services through these branch offices.

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