Glossary

Base currency

the first one in a currency pair (e.g. for EUR/USD currency pair, the base currency is EUR).

Currency

name of monetary unit commonly used in a given country, mainly for the purpose of international exchange of money.

Currency pair

the quotation of one currency against the other. Every currency pair comprises of a base currency and a quote currency (exemplary currency pairs: EUR/USD, EUR/PLN, NOK/PLN).

Currency spread

the difference between the price at which a currency is bought and sold.

Foreign Exchange Regulations

lay down the rules for currency exchange with foreign countries as well as for currency value turnover in Poland. These issues are governed by the Foreign Exchange Act of 27 July 2002 [Official Gazette of 2017, item 679].

GDPR (General Data Protection Regulation)

a regulation on data protection and privacy. Within the EU, it unifies legal provisions on collecting and processing data of natural persons. These issues are governed by The European Parliament and The European Union Council regulation no. 2016/697 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC (General Data Protection Regulation).

IBAN (International Bank Account Number)

an international standard for bank accounts identification. It contains a two letter country code (e.g. in case of Poland, the code is ‘PL’), two check digits and 30 alphanumeric characters.

IGFI (Inspector General of Financial Information)

a single-person authority within the central administration for preventing money laundering obtained from criminal activity or financing terrorism.

IGPDP (Inspector General for Personal Data Protection)

a state body established for business supervision in terms of conformity with the General Data Protection Regulation.

NBP (National Bank of Poland)

the central bank of Poland.

NCR (National Court Register)

national database of economic operators, i.e. businesses and other organizations. The register is maintained by The Ministry of Finance and appointed District Courts.

Online Currency Exchange

a currency exchange bureau that operates on the internet and where transactions are performed via an internet platform and e-banking.

PEP (Politically Exposed Person)

a person at top political position who is a non-Polish resident. These are: heads of states and governments, ministers, ambassadors, supreme court judges, members of parliament. Additionally, the definition of PEP covers relatives and coworkers of abovementioned persons.

PFOC (Polish Financial Oversight Commission)

an authority within the central administration for supervision of the financial market in Poland.

PIP (Percentage In Point)

a minimal unit of change in a currency exchange rate. Generally, it is the fourth decimal point (e.g. assuming EUR/USD currency exchange rate changed from 1,4072 to 1,4073, it means it had risen by 1 PIP).

Quote currency

the second one in a currency pair (e.g. for EUR/USD currency pair, the quote currency is USD).

SHA transfer

a form of cost distribution among money sender and money receiver. In accordance with that, in case of an outgoing transfer, the fees of a source bank are charged to a sender, whereas intermediary and targeted bank fees are charged to a receiver.

SSL Certificate

a certificate that ensures website protection. It provides data encryption between a server and an end-user device.
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