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Anti-Money Laundering (AML) and Know Your Customer (KYC) Requirements for Banks in Greece

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The Bank of Greece (BoG) has issued laws, regulations, and decisions that outline the key aspects of AML and KYC requirements for banks in Greece. These include:

1. AML/CTF Laws and Decisions

• Banks must comply with applicable AML/CFT framework, which includes specific decisions and acts by the BoG.

2. AML/CFT Requirements

Validating Transactions

• Validating transactions to ensure they are legitimate and do not involve money laundering or terrorist financing.
• Identifying parties involved in transactions.
• Establishing AML/CFT policies for ongoing monitoring.
• Implementing IT systems for detecting suspicious or unusual transactions and activities.

3. KYC Application

The eGov-KYC application is a digital platform used to verify clients’ identities, which can be interlinked with corporate, tax, and beneficial owner registries held by governmental and regulatory authorities.

4. Due Diligence Measures

Banks must apply due diligence measures when dealing with:

• New or existing clients.
• High-risk individuals.
• Politically Exposed Persons (PEPs).
• Transactions executed without physical presence.

5. Suspicious Transaction Reporting

If a suspicious transaction is identified, banks must immediately report it to the AML/CFT Authority (FIU) and provide all requested information.

Administrative Sanctions

Banks that fail to comply with these requirements may face administrative sanctions, including fines and penalties. The BoG has the authority to impose sanctions on banks that do not meet the required standards for AML/CFT compliance.