Will MIP status be more challenging to obtain?
Intense speculation among experts of the financial sector arose due to the draft of the amendment to the Payment Services Act on the effects of the changes for entities applying for the MIP status. The draft introduces a requirement to submit to the Polish Financial Supervision Authority, along with the application, procedures regarding AML, and information on the core business activity of the applicants. In the future, this may prolong the period of processing applications.
Currently, FCA does not verify the applicants’ core business activities information, nor does it check AML procedures. As the industry business description of the MIP affects the content of the AML procedure, it will be necessary from now on to take into account the compliance of both documents in terms of the provisions of law and the expectations of the Polish Financial Supervision Authority. It is estimated that due to the new requirements, the application process will be extended from 2-5 to 3-8 months.