TNN Finance, the company which operates the kantoronline.pl website, has been banned from operating as a small payment institution.
The Polish Financial Supervision Authority (KNF) informed that by virtue of the prohibition decision, the said company cannot operate as a payment institution. The company grossly violated the law and did not fulfill the obligations resulting from the Payment Services Act.
Additionally, it is worth recalling that TNN Finance was entered in the register of small payment institutions despite the fact that a year earlier – in 2018 – it appeared on the public warning list. This list includes entities that, in the opinion of the KNF, operate in breach of the letter of the law. Moreover, using the services of such entities may expose consumers to loss of funds.
Therefore, it is worth considering whether the decisions of the KNF’s are not in conflict with each other. Considering this problem, it should be remembered that the PFSA is not involved in supervising the activities of stationary and internet bureaux de change. In the context of the described company, supervision concerned only payment services. Thus, it could have been that the KNF considered TNN Finance to be conducting, for example, inventory activities without a license, which is why it was placed on the list of warnings. At the same time, it met the conditions to be on the list of MIPs. Currently, the Supervisiory Authority has reservations in this respect as well.