STS to continue appeal against Ministry of Finance AML penalty

Polish market leader confirms it has submitted a cassation appeal after government department republished the PLN2.95m fine this week
The post STS to continue appeal against Ministry of Finance AML penalty first appeared on EGR Intel.  

STS is continuing to appeal against an PLN2.95m (£589,247) fine issued by the Polish Ministry of Finance in 2022 after the government body publicised the penalty this week.

The Polish market leader, which was snapped up by Entain in a £750m deal last year, has launched a cassation complaint appeal against the fine, despite having paid the sum two years ago.

STS reported the fine in January 2022 when it was listed on the Warsaw Stock Exchange as it was required to do so.

The operator is no longer publicly listed after being absorbed by Entain.

The fine, which was imposed by the General Inspector of Financial Information (GIIF), relates to the alleged failure to comply with certain aspects of Poland’s money laundering and terrorism financing act.

The Ministry of Finance published the alleged offences this week, which include a failure to appoint an AML officer, shortcomings in risk assessments and internal procedures, and failure to submit notifications to the GIIF.

At the time, STS called the penalty “unjustified” and claimed that the company’s explanations were “not taken into account”.

The operator added that it believed it had complied with all procedures as required by the act.

The cassation appeal comes after a complaint to the Provincial Administrative Court was rejected, although that decision is not final.

In a statement provided to EGR, an STS spokesperson said: “The information on the Ministry of Finance website relates to a penalty imposed in the past in 2022, which was reported in the early 2022 stock exchange announcements by the company.

“We have paid it. However, we do not agree with the decision of the General Inspector of Financial Information and are therefore using all the legal remedies available to us. 

“We are currently at the stage of a cassation complaint in the administrative court.”

The case continues.

The post STS to continue appeal against Ministry of Finance AML penalty first appeared on EGR Intel.

 

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