Regulatory Alerts2009-11-11
Framework Governing Administrative Sanctions on Supervised Institutions under Law 3691/2008
The Banking and Credit Committee of the Bank of Greece establishes a comprehensive framework for imposing administrative sanctions on supervised credit and financial institutions for non-compliance with anti-money laundering and counter-terrorist financing obligations. The decision classifies all relevant AML/CFT duties into three tiers of importance—ordinary, important, and particularly important—for institutions, designated officers, and staff members. It further specifies the criteria for determining sanction severity based on the degree of obligation breached and the impact of non-compliance on the institution's internal control framework.
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