Navigating Reporting Obligations to the National Bank of Poland
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Updated: 20.09.2024
What Are Your Reporting Obligations to NBP?
Entrepreneurs, as well as entities not conducting business activities, are often unaware of the obligations related to submitting reports to the National Bank of Poland (NBP) for the purposes of compiling the balance of payments and the international investment position. Awareness of these obligations is crucial, given the consequences of non-compliance.
Who is Required to Submit Reports to NBP in Poland?
The reporting obligations to the NBP apply to:
- Residents engaging in foreign exchange transactions
- Entrepreneurs conducting currency exchange activity.
According to the regulations, residents include, among others:
- Natural persons residing in Poland,
- Legal entities based in Poland,
- Other entities based in Poland capable of incurring liabilities and acquiring rights in their own name, as well as,
- Branches, representative offices, and enterprises of foreign entities located in the country.
What Qualifies as Foreign Exchange Transactions and Currency Exchange Activity?
To determine the entities required to submit reports to the NBP, it is essential to understand what constitutes foreign exchange transactions and currency exchange activity.
Foreign exchange transactions encompass all transactions related to foreign currencies and foreign exchange values, including, among others:
- foreign currencies,
- foreign gold, and
- securities denominated in foreign currencies.
Foreign exchange transactions include, among others:
- operations involving the purchase and sale of foreign currencies,
- transfers of funds abroad, and
- investments in foreign securities.
Currency exchange activity is a regulated business activity involving the purchase and sale of foreign exchange values, as well as mediation in their purchase and sale. Currency exchange offices must meet a number of legal requirements, including the duty of being registered in the currency exchange activity register maintained by the President of the NBP.
Complying with NBP Reporting Obligations in Poland
Detailed requirements regarding the manner, scope, and deadlines for fulfilling reporting obligations are specified in the Regulation of the Minister of Development and Finance on the Transmission of Data to the NBP necessary for the preparation of the balance of payments and the international investment position (Regulation).
The Regulation specifies, among other things, the thresholds after which reporting obligations for residents and entrepreneurs conducting currency exchange activities are triggered, as well as categories of residents. The above determines the deadlines by which individual entities are required to submit reports.
The Regulation distinguishes the following groups of entities required to submit reports to the NBP:
- Public finance sector units
- Investment firms as defined by the Act of July 29, 2005, on trading in financial instruments
- Natural persons with assets or liabilities unrelated to business activities
- Other residents.
Summary of NBP Reporting Deadlines
The deadlines for submitting reports to the NBP and the associated obligations mainly depend on the category of the entity and the value of its assets and liabilities. Each group of entities has strictly defined criteria and deadlines that must be observed to comply with the reporting requirements imposed by foreign exchange regulations.
The table below illustrates the various categories of entities and the criteria associated with the obligation to submit reports to the NBP.
| Category of Entity | Criterion | Type of Report | Report Submission Deadline |
| Public finance sector units | Total assets and liabilities > PLN 500 million at the end of the year | Monthly | Within 20 days after the end of the month |
| Public finance sector units | Total assets and liabilities PLN 26-500 million at the end of the year | Quarterly | Within 26 days after the end of the quarter |
| Public finance sector units holding at least 10% of votes in the governing body of an entity based abroad | Total assets and liabilities > PLN 26 million at the end of the year | Annually | By May 31 of the following year |
| Investment firms conducting securities account management, etc. | N/A | Monthly | Within 20 days after the end of the month |
| Investment firms holding at least 10% of votes in the governing body of an entity based abroad or having a branch abroad, and investment firms in which a non-resident holds at least 10% of votes, branches of foreign enterprises based in the country | N/A | Annually | By May 31 of the following year |
| Natural persons | Total assets and liabilities unrelated to business activities > PLN 7 million at the end of the year | Quarterly | Within 26 days after the end of the quarter |
| Natural persons holding at least 10% of votes in the governing body of an entity based abroad | Total assets and liabilities unrelated to business activities > PLN 7 million at the end of the year | Annually | By May 31 of the following year |
| Residents not listed in the above categories | Total assets and liabilities > PLN 300 million at the end of the year | Monthly | Within 20 days after the end of the month |
| Residents not listed in the above categories | Total assets and liabilities PLN 10-300 million at the end of the year | Quarterly | Within 26 days after the end of the quarter |
| Residents not listed in the above categories[1] holding 10% of votes in the governing body of an entity based abroad, holding a branch abroad, and residents in which a non-resident holds at least 10% of votes, branches of foreign enterprises based in the country | Total assets and liabilities > PLN 10 million at the end of the year | Annually | By May 31 of the following year |
| Residents with assets or liabilities related to foreign trade > PLN 3 million at the end of the year who have not reached the reporting thresholds specified in § 4 and 7 | Total assets and liabilities > PLN 3 million at the end of the year | Quarterly | Within 26 days after the end of the quarter |
[1] Residents not listed in the above categories refer to residents other than units of the public finance sector, investment firms, and individuals with assets and liabilities unrelated to business activities.
How to Submit Reports to NBP: Methods and Requirements
The data necessary for compiling the balance of payments and the international investment position is generally submitted electronically using appropriate certificates issued by the NBP or other forms of authentication used by the NBP.
This requirement applies to all entities except for natural persons who may submit this data (fulfill the reporting obligation to the NBP) in paper form according to the established template.
It is important to note that submitting data in a manner inconsistent with the regulations is equivalent to not submitting this data and failing to meet the reporting obligation.
What Are the Consequences of Failing to Report to the NBP?
Failure to comply with reporting obligations to the NBP can lead to criminal liability. Failure to report data necessary for compiling the balance of payments and the international investment position, or reporting data inconsistent with the actual state, is subject to a fine of up to 120 daily rates.
When determining the daily rate, important criteria include:
- the offender’s income,
- personal and family conditions,
- financial situation, and
- earning capacity.
However, the daily rate cannot be lower than one-thirtieth of the minimum wage.
Until June 30, 2024, the daily rate cannot be lower than PLN 14,140 or higher than PLN 56,560. From July 1, 2024, the daily rate cannot be lower than PLN 14,333 or higher than PLN 57,332.
Key Takeaways on NBP Reporting Obligations
Residents engaging in foreign exchange transactions and entrepreneurs conducting currency exchange activity must meet a number of reporting obligations to the NBP. These obligations include regular submission of reports within specified deadlines and adherence to strict reporting standards. Failure to comply with these obligations may result in significant financial penalties.
FAQ- NBP Reporting
What are the reporting thresholds for domestic entities to the National Bank of Poland (NBP)?
Domestic entities, including financial institutions and other residents, must adhere to specific reporting thresholds to the NBP. The thresholds vary depending on the total assets and liabilities at the end of the year.
For instance, entities with total assets and liabilities exceeding PLN 300 million must submit monthly reports, while those with amounts between PLN 10-300 million are required to report quarterly. These thresholds ensure the financial stability and proper functioning of the financial system.
What are the consequences of failing to meet reporting obligations to the Narodowy Bank Polski?
Failure to meet reporting obligations to the National Bank of Poland (NBP) can lead to severe penalties, including criminal liability. Entities that do not report or provide inaccurate data risk fines based on a daily rate determined by the offender’s income and financial situation. This ensures the stability and safety of the financial system, as the NBP relies on accurate data to maintain price stability and perform its functions effectively.
How does the monetary policy council of the Republic of Poland use the data submitted to the NBP?
The Monetary Policy Council of the Republic of Poland uses the data submitted to the NBP to analyze the financial system’s stability and make informed decisions regarding monetary policy.
The data helps the council in assessing the financial stability of both residents and non-residents, ensuring the proper functioning of financial institutions and contributing to the overall safety and economic stability of the Republic.
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