POLAND Trends and Developments Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
Other notable changes to the AML package include: • mandatory application of customer due dili - gence when conducting an occasional trans - action of EUR10,000 (instead of EUR15,000); • a EUR10,000 limit on cash payments for goods and services; • obliged entities will have to update customer documents and information once a year for high-risk customers and once every five years for other customers; and • the definition of Politically Exposed Per - sons has been expanded to include heads of regional and local authorities, including groupings of municipalities and metropolitan regions with at least 50,000 inhabitants. Implementation of DORA requirements Financial entities, including banks, are currently working intensively on aligning with the require - ments of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (DORA) and delegated regulations (Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS)) that specify obligations provided by DORA. DORA aims to strengthen operational resilience in the face of increasing cyber-threats and technology-related risks. It introduces uniform requirements for managing Information and Communications Technology (ICT) risks within the financial sector. This includes aspects such as risk management, incident reporting, and oversight of risks associated with third-party entities. Poland is working on an Act to ensure the practi - cal application of DORA, which – among other things – establishes the PFSA as the authority
to supervise compliance with DORA obligations. The Act is expected to be enacted before Janu - ary 2025. CRR III/CRD VI Package The final texts of the Regulation (EU) 2024/1623 (the “Capital Requirements Regulations III” (CRR III)) and the Directive (EU) 2024/1619 (the “Cap - ital Requirements Directive VI” (CRD VI)) were published on 19 June 2024. The introduction of the CRR III and CRD VI reg - ulations aims to strengthen the resilience and stability of the European banking sector by align - ing it with the Basel III reforms. These reforms were developed in response to the global finan - cial crisis in order to mitigate systemic risks and improve the robustness of financial institutions. CRR III, inter alia, expands reporting require - ments and modifies provisions for calculation of own funds and prudential consolidation. CRD VI provides for, in particular: • expanded rules on prudential supervision of third-country branches; • rules on notifications regarding the acquisi - tion or divestiture of a material holding by credit institutions, which will be required to notify their competent authority in writing in advance where they intend to acquire – directly or indirectly – a material holding equal to or more than 15% of the capital of the credit institution; • rules on notifications regarding the mate - rial transfers of assets and liabilities of credit institutions – the proposed operation requires notification where it is at least equal to 10% of total assets or liabilities of the entity (unless the proposed operation is executed between entities of the same group, where it must be at least equal to 15% of total assets or
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