The Polish Financial Supervision Authority (KNF) has published a statement to inform that a fine was imposed on Plus Bank for violations under the Act of 29 August 1997 of the Banking Law (Banking Act). Specifically, the bank failed to update its resolution plans which is required by Articles 141m and 141n of the Banking Act. The Articles thereby require to at least annually review and update – if so needed – the resolution plan and update it following significant changes in the organizational structure of a bank, its financial situation, or the economic environment it is operating in.
The amount of the fine is PLN 400,000.
Other Features
assessment
banks
penalties
wind-down
Date Published: 2023-03-21
Regulatory Framework: Banking Act
Regulatory Type: information
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