Continuing the subject of SPI registration (you can read the previous article by clicking the link: https://business-in-poland.eu/ru/articles/view/maloe-platejnoe-uchrejdenie/ ) in this article you will find a more detailed description of the requirements and options, which includes a Small Payment Institution.
SPI may provide the following payment services:
- accepting cash deposits and making cash withdrawals from a payment account as well as all activities necessary for operating the account;
- performing payment transactions, including the transfer of funds to a payment account with the user's supplier or with another supplier:
- by performing direct debit services, including one-off direct debits,
- using a payment card or similar payment instrument,
- by performing transfer order services, including standing orders;
- performing payment transactions listed in item 2, against the funds made available to the user on account of the loan,
- issuing payment instruments;
- enabling the acceptance of payment instruments and the execution of payment transactions initiated by the payer's payment instrument by the merchant or via it, consisting in particular of handling authorization, sending to the issuer of the payment instrument or payment systems of the payment orders of the payer or merchant, aimed at providing the merchant with the due funds, excluding operations consisting in the clearing and settlement of these transactions under a payment system within the meaning of the Act on settlement;
- providing a money transfer service.
The SPI providing the service indicated in point 1 may store users 'cash on users' payment accounts, while the total amount of funds accepted for one user at any time may not exceed the equivalent in the Polish currency of EUR 2000, calculated using the average exchange rate announced by the National Bank of Poland , in force on the last day of the month preceding the given day.
In addition to providing payment services, SPI may also:
- provide additional services closely related to the provision of payment services, such as:
- currency exchange services,
- secure storage services of funds transferred to perform a payment transaction,
- data storage and processing services;
- conduct other business activities (SPI then acts as the so-called hybrid SPI).
SPI may conduct its activities through agents, i.e. natural persons, legal persons and organizational units which are not legal persons, to whom the Act confers legal capacity, acting on behalf and for the benefit of SPI only in the scope of providing payment services. In order to conduct business, SPI may also establish branches (only within the territory of the Republic of Poland) - separate and organizationally independent parts of the business, performed outside the headquarters or main place of business of SPI. Data regarding SPI agents and branches shall be entered in the register of payment service providers and electronic money publishers.
Activities in the field of payment services as SPI is a regulated activity within the meaning of the Act on Entrepreneurs' Law, which means in particular that undertaking this activity requires prior entry into the register of payment service providers and electronic money publishers kept by the PFSA. On the other hand, undertaking the SPI activity does not require obtaining a permit from the Polish Financial Supervision Authority. The date of entry into the register is considered to be the date of commencing operations as an SPI. SPI is authorized to operate only on the territory of the Republic of Poland, alone (including a branch) or through agents. The average total amount of payment transactions from the previous 12 months performed by SPI, including agents through which it provides payment services may not exceed an amount equivalent to EUR 1 500 000 per month.
Basic MIP obligations:
Activities as MIPs may be carried out if:
- has organizational solutions enabling:
- calculating the total monthly amount of payment transactions,
- performance of obligations related to counteracting money laundering and terrorist financing in accordance with the Act of 1 March 2018 on counteracting money laundering and terrorist financing;
- the person managing the MIP has not been legally convicted of an offense against the justice system, a financial offense.
In addition, MIP is required to have:
- the business program and financial plan for the first 12 months of operation,
- the current risk management procedure to which it may be exposed.
The average total amount of payment transactions from the previous 12 months performed by MIP, including agents through which it provides payment services, may not exceed an amount equivalent to EUR 1,500,000 per month (the total amount of payment transactions for a given month is calculated using the exchange rate average announced by the National Bank of Poland, in force on the last day of the month preceding that month).
MIP is required to protect the funds received from users to perform payment transactions, applying the following principles:
- funds accepted for the execution of payment transactions, in the amount to be transferred to the recipient or another supplier for the purpose of transferring the recipient, are not combined with any funds held by MIP for any other reason during storage;
- funds accepted for the execution of payment transactions that have not been transferred to the payee or other supplier by the end of the business day following the date of receipt of these funds are:
- placed on a separate bank account at a domestic bank, credit institution or branch of a foreign bank, or
- invested in safe, liquid assets with low risk, deposited in a separate account for this purpose.
The above rules do not apply if the funds adopted to perform payment transactions are protected by a bank or insurance guarantee contract.
- SPI shall be obliged to:
- informing the PFSA of the total value and number of payment transactions carried out (including by agents) in a given quarter, month, year
[NOTE: the requirement to provide information on the total value and number of payment transactions carried out in a given quarter and in a given year, as well as the annual financial statement also applies if the SPI did not perform any payment transaction in a given period, except if the person conducting economic activity as SPI in that period had its economic activity suspended]
- submitting to the Polish Financial Supervision Authority the annual financial statement together with a copy of the resolution or decision of the approving body on the approval of the financial statement - within 15 days from the date of the approval of the annual financial statement by the approval body, if it prepares such a report;
- implementing and complying with the recommendations issued by the PFSA;
- fulfilling obligations arising from the provisions on counteracting money laundering and terrorist financing (i.e. the Act of 1 March 2018 on counteracting money laundering and terrorist financing), as the so-called "Obligated institution" in the light of these provisions;
- informing the PFSA of any change in the data covered by the entry in the register (e.g. change of name, deletion of an agent) by submitting an appropriate application;
- informing the PFSA about the intention to terminate a business or activities as an SPI.
- SPI shall be obliged to pay fees to cover the costs of supervision in the amount being the product of the total amount of payment transactions carried out by SPI, including its agents, and the rate not exceeding 0.025%. The Prime Minister shall determine by regulation:
- deadlines, amount and method of calculating payments to cover the costs of supervision,
- the manner and time limits for settling receivables for payments to cover supervision costs.
The ordinance referred to above has not yet been issued.
In the event of a breach by the SPI of the conditions and obligations related to conducting business in the field of payment services, the PFSA may apply supervisory measures and sanctions specified in the Payment Services Act, including financial penalties, and even issue a decision prohibiting operating as a SPI.
Deadline for submitting the company to the register:
The PFSA is obliged to enter the SPI in the register within 3 months of receipt by the PFSA complete application for entry, i.e. containing all documents required by law and information.
Government fees are PLN 616 + PLN 17 for power of attorney
We often face the question of whether it is possible to open a Polish SPI without involving Polish staff, only by board members - non-residents of Poland.
No additional staff requirements. The president cannot have a criminal past. There is no requirement for professional experience or education in the management of financial institutions.