The Polish Financial Supervision Authority (KNF) has imposed nearly 15 million PLN in fines on mBank for significant failures in customer service, internal security, and market conduct regulations. <\/p>\n
The KNF has issued four separate penalties against mBank totaling nearly 15 million PLN, with individual fines ranging from 400,000 PLN to 6 million PLN. The regulator alleges that the bank provided insufficient protection for customers and committed multiple breaches regarding operational security.<\/p>\n
The decision is not final, and the bank has formally disputed the regulator’s findings. mBank maintains that the evidence does not support the KNF’s claims and intends to pursue legal avenues to challenge the decision.<\/p>\n
The regulator stated that mBank allowed unauthorized third parties to participate in customer service processes without verifying their credentials or scope of authority. Staff members frequently shared confidential information with these entities during treasury transaction negotiations.<\/p>\n
The KNF argues that this lack of oversight created significant risks, including the potential breach of banking secrecy and an inability to properly supervise those handling sensitive client operations.<\/p>\n
KNF also cited violations of the Act on Trading in Financial Instruments. The bank allegedly failed to qualify currency risk hedging transactions as financial instruments, depriving clients of the protections mandated by the EU\u2019s MiFID directive regarding investment profitability assessments.<\/p>\n
The KNF criticized the failure of mBank\u2019s \u201cthree lines of defense\u201d model. The regulator noted that internal controls were ineffective, failing to identify risks or monitor the collaboration between employees and third parties.<\/p>\n
The bank\u2019s internal systems did not provide adequate supervision of staff, nor did they conduct necessary audits regarding costs associated with FX Swap transactions. The KNF concluded that mBank failed to implement corrective measures because it did not properly monitor its own service areas.<\/p>\n
mBank issued a statement emphasizing its respect for the regulator but rejected the allegations, stating that the issues relate to historical circumstances and a limited group of clients. The bank asserted that the safety of current customer funds remains unaffected.<\/p>\n
As the fifth-largest bank in Poland by assets, mBank serves 5.7 million retail customers and 36,000 corporate clients. The bank reported a consolidated net profit of 3.5 billion PLN for 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Polish Financial Supervision Authority (KNF) has imposed nearly 15 million PLN in fines on mBank for significant failures in customer service, internal security, and market conduct regulations. Regulatory Sanctions for Operational Failures The KNF has issued four separate penalties against mBank totaling nearly 15 million PLN, with individual fines ranging from 400,000 PLN to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wpai_generated_summary":"","footnotes":""},"categories":[40],"tags":[],"class_list":["post-3732","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/posts\/3732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/comments?post=3732"}],"version-history":[{"count":0,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/posts\/3732\/revisions"}],"wp:attachment":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/media?parent=3732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/categories?post=3732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/tags?post=3732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}