Bank Ochrony Srodowiska S A : CR 38/2020 – Finance Minister’s decision to reduce financial penalty imposed by GIIF onto BOŚ S.A.

Current Report 38/2020 - Finance Minister's decision to reduce financial penalty imposed by GIIF onto BOŚ S.A. - publicised on 15 December 2020, at 16:19 hours

The Management Board of Bank Ochrony Środowiska S.A. domiciled in Warsaw hereby inform that on 15 December 2020 the Bank received a decision of the Minister of Finance, Funds and Regional Policy in which the Minister revoked, in its entirety, the decision of the General Inspector of Financial Information (GIIF) dated 31 July 2020, imposing onto the Bank a financial penalty of 4,500,000 PLN, which was appealed against by the Bank. The Minister adjudicated to impose an administrative penalty in the form of a financial penalty of 3,700,000 PLN for a failure to comply with an obligation to apply financial security controls and for a failure to comply with an obligation to document the application of financial security controls (anti-money laundering and counter-terrorism financing act of 1 March 2018, art. 33 section 1 and art. 34 section 1 (2 and 4) and art. 34 section 3).

Legal basis:

Art. 17 section 1 of Regulation (EU) no. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (MAR).