Greece’s AML/CTF supervisors
The Bank of Greece is the body in charge of ensuring that the institutions it oversees adhere to the legal and regulatory framework regarding the prevention and suppression of money laundering and terrorism financing (ML/TF) as well as the funding of the proliferation of weapons of mass destruction.
The Bank of Greece supervises monitored institutions' compliance with their AML/CTF duties as part of its supervisory duty and evaluates the sufficiency and efficiency of their AML/CTF procedures.
Criminal enforcement is the responsibility of the prosecutor's office. All law enforcement organisations, including the Hellenic Financial Intelligence Unit (FIU), the Financial Economic Crime Unit (FECU) and the Capital Market Commission (CMC), send their results and information on any suspicious activity to the prosecutor's office in reports.
The Greek government and quasi-government bodies that are experts in their respective fields carry out the enforcement and repression of required institutions and individuals. The banks, financial institutions and insurance companies are supervised by the Bank of Greece. The responsible division of the appropriate ministry regulates the firms listed on the stock exchange. The Ministry of Justice oversees the attorneys and notaries.
How do you comply with AML/CTF regulations in Greece?
The relevant AML/CTF legislation is Law 4557/2018, which is the primary Greek statute against money laundering.
According to Law 4557/2018, the several financial institutions must comply with AML regulations. Credit institutions, financial institutions, venture capital firms, businesses that lend money to start-ups, chartered accountants, audit firms, independent accountants, and private auditors, tax consultants and tax consulting firms, real estate agents and related businesses, casinos, auction houses, high-end goods dealers, auctioneers, pawnbrokers, notaries, and lawyers are among the professions that fall under this category.
You must ensure the following if you are a reporting entity in Greece.
Implementing AML/CTF compliance programmes and abide by the rules and recommendations issued by the appropriate governing bodies
Following the requirements of Law 4557/2018 regarding consumer due diligence
Checking for matches with other government listings and the Office of Foreign Assets Control (OFAC)
Meeting the record-keeping requirements
In general, regulated institutions must comply with the due diligence obligations whenever it transacts business with a client and makes an occasional payment of 15,000 EUR or more, or whenever a payment of more than 1,000 EUR is involved in the transaction.
What are my AML/CTF reporting obligations?
Unusual transactions must be reported right away to the Hellenic Financial Intelligence Unit (FIU), along with any pertinent information that the FIU may need. Specific instructions are given to auditors and accountants on how to disclose any transaction that raises even the slightest suspicion that it may be connected to illegal activity.
