History of AML in Greece
Greece started fighting financial crimes in the 1990s with anti-money laundering laws. AML laws in Greece have been developed and updated from the past to the present. Greece is a member of FATF and the European Union. Greece is making sure to comply with the European Union and FATF when establishing AML laws. According to the Mutual Evaluation Report in 2019, Greece was largely in line with the FATF recommendations. Greek legislation on Anti Money Laundering is evaluated within the EU and at the national level.
Greek Regulator: Bank of Greece
The Bank of Greece was founded in 1927 to protect and stabilize the banking sector. The Bank of Greece is the legal regulator and supervisor for the prevention of money laundering and terrorist financing (AML / CFT) in Greece. The Bank of Greece checks whether financial institutions meet their AML and CFT obligations. Bank of Greece imposes various sanctions and penalties on financial institutions that do not meet AML requirements.
Fighting Bribery and Corruption in Greece
Corruption and bribery are hurting the business world and the economy. Bribery and corruption undermine the competitiveness in the country. The Greece Penal Code considers bribery and corruption a crime. Greece aims to prevent corruption and bribery. Those who commit these crimes are punished by Greek justice. According to anti-money laundering laws in Greece, financial institutions should check their customers on PEP lists. Since PEPs have a high risk, their transactions should be checked, and suspicious transactions should be reported to the competent authorities.
AML Requirements in Greece
- AML Program
- Know Your Customer
- Customer Due Diligence
- Reporting suspicious transactions
- Keeping customer information and transactions recorded.
- Training of employees in the field of anti-money laundering.
Which Companies Have to Comply With AML Regulations in Greece?
All risk-bearing companies have to comply with AML regulations and take necessary precautions.
- Insurance Companies
- Leasing Companies
- Factoring companies,
- Credit Management Companies
- Credit companies
- Electronic Money Institutions
- Payment Institutions
- Postal Companies
- Fund Management Companies
- Investment Companies
- Stock Brokerage Firms
- Venture Capital Firms
- Real Estate Investment Companies
What Are The Money Laundering Penalties in Greece?
Penalties for money laundering crimes depend on the type of crime and various circumstances. People who commit money laundering offense are imprisoned and fined by Greece. Since the Greek criminal code is harsh on this issue, companies should regularly perform AML checks and should not allow financial crimes. In addition, the fact that companies are on the agenda with such crimes also leads to loss of reputation.
AML Solutions for Greece
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