ING Bank Fined by GIFI for not Complying the Regulations

ING Bank Śląski is to pay a fine of PLN 21.66 million for failure to comply with the obligation to apply financial security measures.

The General Inspector of Financial Information penalized ING bank for failure to comply with the obligation to apply financial security measures and to provide the inspection with full information and notifications. The bank has to pay a fine of PLN 21.66 million.

Why ING Bank was Charged:

The decision to punish the bank was made by the General Inspector of Financial Information at the end of August. It was issued after the inspection carried out in March 2021, covering the period 01/01/2014 – 31/10/2020.

The areas in which the deficiencies were found are the obligation to apply financial security measures and to submit notifications and complete information to the GIFI. The Inspectorate’s final decision on this matter was issued on Tuesday.

The bank informed that in accordance with the recommendations of the act and the guidelines of the General Inspector of Financial Information, it has already strengthened the process of identifying customers and the sources of their income.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our bank account opening services, or contact us for a free consultation.