Regulatory Alerts2009-03-17
Banking and Credit Committee Decision on Preventing Money Laundering and Terrorist Financing in Supervised Institutions
The Bank of Greece Banking and Credit Committee has issued a revised supervisory decision requiring all supervised credit and financial institutions to implement comprehensive anti-money laundering and counter-terrorist financing frameworks. The regulation mandates that institutions adopt board-approved AML/CFT policies, appoint independent Compliance Officers, and apply a risk-based approach to customer due diligence and transaction monitoring. Additionally, it establishes strict reporting obligations, including the submission of annual compliance reports and suspicious activity alerts to the relevant authorities, while outlining detailed duties for internal controls and staff training.
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