Polish regulator adds Wolbórz Bank Polska to warning list — RMF24

In Poland, the Financial Supervision Commission has added Wolbórz Bank Polska to its public warning list. The entity operates through a website, but according to RMF24, the regulator believes it is not entitled to use the word “bank” in its name.

Notification to the prosecutor’s office

The Financial Supervision Commission sent a notification to the district prosecutor’s office in Gorzów Wielkopolski regarding the possibility that a crime has been committed. It concerns suspected violation of Part 2 of Article 171 of Poland’s Banking Law.

This provision prohibits entities that are not banks from using the terms “bank” or “kasa” in their names. The referral to the prosecutor’s office concerns a possible unlawful act and does not mean that guilt has been established.

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Purpose of the warning list

The public warning list is maintained by Poland’s Financial Supervision Commission. Its purpose is to inform citizens and entrepreneurs about entities suspected of committing a crime.

The regulator advises checking whether an unfamiliar financial institution has been added to this list before starting cooperation with it.