(in Polish) Prawne regulacje finansów cyfrowych 2600-FCdz1PRFC
The seminar covers the following topics:
1. Basic concepts of digital finance law and an outline of legal regulations
− placement in the legal system
− types of
− payment systems
− general outline of legal regulations - PSD3, PSR, FIDA, AMLR, IPR, MICA, DORA, ECSP, FATF
− recommendations and recommendations of supervisory authorities - EBA, KNF, GIIF
2. AI Act Regulation
- Basic concepts
- Risk-based approach
- Deployment of an AI agent in payments
3. Payment services law - public law issues
− types of payment service providers
− licensing of payment service providers
− passporting of services by payment service providers - the principle of a single license
− supervision by EBA, KNF, GIIF, NBP
4. Payment services law - private law issues
− types of payment services - transfer, money order, direct debit, payment by card, issuing and acquiring, payment initiation services and access to account information
− the concept of a payment account and its legal implications
− Payment Services Agreement - Regulations and Types
− Liability for executing payment transactions
− Liability for unauthorized transactions, ECJ case law
5. Anti-money laundering and terrorism financing law
− Basic legal regulations: FATF, Wolfsberg, AMLD, AMLR, Polish Anti-Money Laundering Act
− Obligated institution - legal implications
− Applying financial security measures and reporting suspicious transactions
− Outsourcing and entrusting the implementation of financial security measures
− GIIF supervision and sanctions
6. DORA and financial services outsourcing
− Principles of applying outsourcing of financial services
− Obligations of the outsourcer and insourcer
− Outsourcing Agreement Requirements
7. Regulation of Cryptoassets (MICA) and Crowdfunding - ECSP
− Types of cryptoassets
− Supervision of entities operating in the field of cryptoassets
− crowdfunding rules
8. Banking as a Service (BaaS)
− The concept of BaaS, embedded finance, basic legal regulations
− requirements for entities providing BaaS services
− BaaS types: Model 1: payment services, savings accounts, investment services; Model 2: access to payment systems, "safeguarded" accounts, virtual IBAN; Model 3: credit services - "fronting"; Model 4: receivables financing
− opportunities and risks associated with BaaS
Type of course
Learning outcomes
Upon completion of the course, the student will have achieved the following learning outcomes:
In terms of knowledge:
● Knows and understands, at an advanced level, the terminology relating to the legal aspects of digital finance within the disciplines of legal science, economics and finance, as well as management and quality sciences. (K_W01)
● Knows and understands, at an advanced level, the legal structures relating to digital finance. (K_W02)
● Knows and understands, in depth, the legal regulations governing the functioning of organisations and the economy as a whole, in particular in the field of digital finance. (K_W04)
In terms of skills:
● Is able to apply the theory of legal science to identify, diagnose, and solve problems related to financial decisions in the area of digital finance. (K_U01)
● Is able to appropriately select sources and adapt existing or develop new methods and tools, including advanced information and communication techniques, in order to identify, diagnose, and solve legal problems related to financial decisions in the area of digital finance. (K_U03)
● Is able to develop the capacity for self-education, improve acquired qualifications, and support others in this respect. (K_U09)
In terms of social competences:
● Is ready to assess and critically approach complex situations and phenomena related to the creation and application of digital finance law within an organisation. (K_K01)
● Is ready to observe, enforce, and develop professional ethical standards, as well as contribute to the development of the profession’s body of knowledge and practice. (K_K05)
Assessment criteria
Interactive lecture supported by multimedia materials, discussion, case studies during class, and current market use cases, test
Attendance in class – 30%
Active participation in class – 20%
Completion of the Artificial Intelligence Fundamentals course by IBM (https://skillsbuild.org/college-students/course-catalog/artificial-intelligence-fundamentals) – 20%
Final online test – 30%
Bibliography
Dyl M., Królikowski, M. (red.), 2024, Ustawa o przeciwdziałaniu praniu pieniędzy oraz finansowaniu terroryzmu. Ustawa sankcyjna. Komentarz, CH Beck
Górka J., Finanse cyfrowe: tesserakt. Wydawnictwa Uniwersytetu Warszawskiego DOI 10.7172/978-83-235-7086-8.swwz.32
Górka J. (ed.), 2016, Transforming Payment Systems in Europe, Palgrave Macmillan
Grabowski M., 2026, Selected European Law Challenges Related to the Use of Artificial Intelligence Payment Agents, https://www.imfs-frankfurt.de/fileadmin/research/working_papers/imfs_wp_232.pdf
Grabowski M., 2021, Legal aspects of “White-Label” Banking in the European, Polish and German Law, Journal of Risk and Financial Management, https://doi.org/10.3390/jrfm14060280
Grabowski M., 2022, Virtual IBAN as a Service in the Law of European Union and in Poland, Journal of Risk and Financial Management, https://doi.org/10.3390/jrfm15120566
Grabowski M., 2022, Account Information and Payment Initiation Services and the Related AML Obligations in the Law of the European Union, FinTech, https://doi.org/10.3390/fintech3010011
Szafrański A., Snażyk Z., 2023, Publiczne prawo gospodarcze z testami online w.10, CH Beck
(online course) - Artificial Intelligence Fundamentals from IBM (https://skillsbuild.org/college-students/course-catalog/artificial-intelligence-fundamentals)