Bank of Greece Governor’s Acts, Credit and Insurance Committee (CIC) Decisions
The Bank of Greece issued, by authority of Law 3691/2008, BCC Decision 281/17 March 2009, which streamlined and specified supervised institutions' obligations, particularly in line with the principle of proportionality.
This Decision requires credit institutions to have in place a documented AML/CFT policy, approved by their boards of directors. It also enhances the role and specifies the duties of the compliance officer that all supervised persons must appoint to notify suspicious or unusual transactions to the Authority referred to in Article 7 of Law 3691/2008.
It also provides detailed instructions to supervised persons concerning the application of the AML/CFT methodology by customer and transaction risk category, with special emphasis on categories such as offshore companies, FATF non-compliant countries, transactions without the physical presence of the customer etc.
Moreover, this Decision recommends that, when customers wish to withdraw sums over €50,000 in cash, credit institutions deliver such sums by bank cheque or payment order into a bank account.
The Bank of Greece’s AML/CFT supervision of insurance companies, providing life insurance or investment related services, and of life insurance intermediaries, is governed by RULE 154/5Α/31-08-09 of the Board of Directors of the Private Insurance Supervisory Committee.
BCC Decision 285/6/9.7.2009: Indicative typology of unusual or suspicious transactions within the meaning of Article 4 (paragraphs 13 and 14) of Law 3691/2008
BCC Decision 281/5/17.3.2009: Prevention of the use of credit and financial institutions supervised by the Bank of Greece for money laundering and terrorist financing
BCC Decision 290/12/11.11.2009: Framework governing the imposition of administrative sanctions on institutions supervised by the Bank of Greece in accordance with Article 52 of Law 3691/2008.
Banking and Credit Committee (BCC) Decisions 281/5/17.03.2009 and 290/12/11.11.2009 have been completed by (BCC) Decision 300/30/28.07.2010. Hereupon, Bank of Greece Governor’s Act 2652/29.2.2012 amended BCC Decisions 281/5/17.3.2009 and 285/6/9.7.2009, while CIC Decision 94/23/15.11.2013 further amended BCC Decision 281/5/17.3.2009.