Regulatory Alerts2011-02-14
Amendment of Banking and Credit Committee Decisions on Anti-Money Laundering and Administrative Sanctions
The Banking and Credit Committee of the Bank of Greece amends its anti-money laundering and administrative sanctions frameworks to enforce immediate compliance with Law 3691/2008 and FATF standards. Supervised credit institutions must now promptly notify the Financial Intelligence Unit of any assets held by sanctioned individuals or entities and execute asset freezes without delay. These reporting and freezing obligations are formally designated as particularly important within the regulatory assessment of institutional internal control systems.
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