Supervised Institutions Inspection Department

As competent supervisory authority, the Bank of Greece supervises the Greek banking and financial system with a view to ensuring the soundness and robustness of credit institutions and the stability of the financial system in Greece.

The Bank has also been assigned the supervision of the private insurance system with a view to protecting policyholders, ensuring the smooth operation of the private insurance market and consolidating consumer confidence, as well as safeguarding financial stability in Greece.

The Supervised Institutions Inspection Department participates in the performance of the Bank of Greece’s supervisory tasks.

Main tasks

The Supervised Institutions Inspection Department:

  • conducts on-site inspections of institutions supervised by the Bank of Greece regarding all prudential risks and the prevention of money laundering and terrorist financing.
  • supervises and conducts on-site inspections of all supervised institutions regarding Information and Communications Technology (ICT) and Security risks.
  • supervises payment institutions, e-money institutions, account information service providers, payment initiation service providers and bureaux de change.
  • supervises and conducts on-site inspections of Credit Institutions under special liquidation, supervised by the Bank of Greece Financial Institutions under special liquidation, as well as insurance undertakings under insurance liquidation.
  • conducts supervisory assessment of digital financial services, including payment services and services and products that use financial technology (FinTech) and innovation, in terms of their business model, in collaboration with other competent business units.
  • supports the work of the Executive Committee and the Credit and Insurance Committee; coordinates and manages, in cooperation with the competent business units of the Bank, the issues discussed in the Supervisory Board of the European Central Bank, as well as issues related to the imposition of administrative fines on supervised institutions or natural persons.

The Supervised Institutions Inspection Department comprises the following Sections:

  • Supervised Institutions IT Risk Assessment Section
  • Inspections Secretariat Section
  • Liquidations Section 
  • On-Site Inspections Section A
  •  On-Site Inspections Section B
  • Supervised Institutions IT Systems Audit Section 
  • Anti-Money Laundering Inspections Section
  • Digital Finance Supervision Section
  • Supervisory Decisions and SSM Coordination Section 
  • Payment and Electronic Money Institutions Section.
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