POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
tions, such as industry associations or self-regulatory bodies, remains minimal in the fintech sector. Formal state supervision and internal governance structures within regulated firms largely shape Poland’s fintech landscape. 2.13 Conjunction of Unregulated and Regulated Products and Services Operating regulated and unregulated activities in parallel is generally permitted, provided all legal and regulatory requirements are met. Supervisory authori - ties accept this model, provided that the unregulated activity does not compromise the regulated business’s integrity, stability or compliance. Firms must ensure clear governance structures, risk management frame - works and regulatory separation where necessary to prevent conflicts and maintain compliance. 2.14 Impact of AML and Sanctions Rules The obligation to comply with AML/CFT regulations does not depend on whether a fintech company is regulated or unregulated. Regulatory classification is determined by other legal frameworks, while AML obligations arise from the nature of the activities per - formed rather than the regulatory status of the entity. AML and sanctions rules heavily impact fintech com - panies, requiring them to implement strict customer due diligence, transaction monitoring and reporting mechanisms. Strict compliance measures increase operational costs, requiring investment in compliance teams and automated monitoring systems. Fintech firms must also adapt to evolving regulatory require - ments, including expanding lists of sanctioned entities and changes in risk assessment methodologies. 2.15 Financial Action Task Force (FATF) Standards Poland follows the AML and CFT standards set by the Financial Action Task Force (FATF). Polish AML legislation is aligned with FATF recommendations and shaped by EU directives, ensuring compliance with international best practices. Additionally, Poland is subject to Moneyval evalua - tions, a Council of Europe mechanism that assesses AML/CFT measures in certain European jurisdictions. Recent evaluations indicate that Poland is progres -
sively strengthening its AML framework, incorporating FATF recommendations to enhance financial security and tackle illicit financial activities. 2.16 Reverse Solicitation It is possible to provide regulated fintech products or services from another jurisdiction outside the EU on a reverse solicitation basis, but only under narrow and strictly defined conditions. In essence, domestic regulatory licensing requirements will not be triggered if a Polish client independently initiates contact for a specific service from a service provider in another jurisdiction if the provider has not engaged in any mar - keting or other solicitations targeting Poland. However, the relationship must be solely initiated by the Polish client. The fintech company must be able to document and prove that the client contacted them of their own accord, without any prior proactive outreach by the provider. The precise application of reverse solicitation can vary depending on the type of fintech product or service, such as those falling under MiFID II regulations for investment services or other specific regimes (for instance, payment services or crypto-related activities). Although regulations on reverse solicitation are rela - tively clear, market practice shows that many foreign entities violate these requirements, operating in ways that contradict regulatory restrictions. This is not just a challenge in Poland but across the whole of the EU, where enforcement remains difficult. Ensuring compliance is particularly complex due to the digital nature of service offerings, allowing firms to reach Polish clients without a local presence or licence. While EU and Polish regulators actively work to enforce reverse solicitation rules, this remains a high-risk area for regulatory breaches and supervi - sory challenges. 3. Robo-Advisers 3.1 Requirement for Different Business Models Fintech companies utilising robo-advisers must adapt their business models based on the asset class they
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