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Prevention of Money Laundering and Terrorism Financing (ML/TF) and International Financial Sanctions

 

The Bank of Greece is the authority responsible for supervising compliance with the legislative framework on the prevention and suppression of money laundering and terrorist financing (Anti-Money Laundering and Combating the Financing of Terrorism – AML/CFT – Framework) by the institutions supervised by it.

The current institutional framework has largely resulted from the transposition of the relevant Community legislation, which is in harmony with the « Forty Recommendations on combating money laundering and the financing of terrorism and proliferation», adopted on February 2012 by the Financial Action Task Force (FATF), an intergovernmental body responsible for setting international standards.

The Bank of Greece, in the context of its supervisory tasks, checks supervised institutions’ compliance with their AML/CFT-related obligations and assesses the adequacy and effectiveness of their AML/CFT procedures.

The Bank of Greece has also sent to supervised institutions a confidential document providing a rich typology of transactions that may suggest money laundering or terrorist financing, building on international experience and research and adjusted to reflect domestic conditions.

It should be pointed out that the Bank of Greece has no power to conduct preliminary investigations or to examine in substance suspicious transaction reports submitted by supervised institutions. These powers are reserved to the Anti-Money Laundering, Counter-Terrorist Financing and Source of Funds Investigation Authority, the law enforcement or judicial authorities, as appropriate.

In this section of the website you can find the AML/CFT legal and regulatory framework, comprising the Law, EU directives and regulations, Bank of Greece Governor’s Acts, Executive Committee’s Acts, Credit and Insurance Committee Decisions, Circulars and clarifying documents.


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