Santander Bank Polska is a licensed bank subject to enforcement action for violations spanning retail client protection, investment advice conduct, and transaction execution standards across multiple product lines including deposits and derivatives.
The violations include improper execution of financial instruments (derivatives, hedging transactions, structured deposits) and inadequate investment advice, triggering the Investment Services secondary tag for the asset-management and advisory conduct dimensions.
Specialism
The KNF imposed an explicit 21.1 million PLN monetary fine on a named financial institution for identified regulatory breaches spanning conduct, disclosure, and compliance failures.
Mandatory inheritance: Financial Penalty is a child of Enforcement, so Enforcement must be raised as the secondary tag.
2026-03-18 07:57:05·msolomon@vixio.com
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TITLE: Poland's Financial Supervision Authority Imposes 21.1 Million Zloty Fine on Santander Bank Polska
BODY:
On March 4, 2026, Poland's Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF) issued a decision imposing financial penalties totalling 21,100,000 Polish zloty (PLN) on Santander Bank Polska SA, a Warsaw-based bank operating under Article 70(2) of the Act on Trading in Financial Instruments.
The KNF identified multiple serious violations spanning professional conduct standards and client protection requirements. The violations included: cooperation with unauthorised third parties in client servicing between January 2017 and February 2021; execution of transactions for clients in negative target groups or where financial instruments were inadequate between January 2021 and June 2022; failure to disclose complete cost information for currency risk hedging transactions between October 2018 and November 2019; implementation of a remuneration system for Treasury Services Department employees that incentivised sales over client interests between January 2021 and December 2022; execution of "Interest Rate Not Exceeding" (ONWN) orders without proper classification as financial derivatives between January 2021 and April 2023; deficient internal control systems regarding legal compliance between January 2017 and October 2018; ineffective compliance function oversight between October 2018 and July 2022; and failure to retain and archive electronic correspondence regarding structured deposits between February 2022 and July 2022.
The KNF emphasised that these violations breached fundamental standards for professional and diligent business conduct under the Act on Trading in Financial Instruments and Banking Law (Prawo bankowe), as well as requirements under Delegated Regulation (EU) 2017/565 implementing Markets in Financial Instruments Directive (MiFID II). The decision is not final and may be subject to appeal.