Financial Crime World

Here’s the rewritten article in markdown format:

Greece’s Banking Sector: Key Regulatory Focus Areas

As of February 19, 2021, Greece’s banking sector is subject to ongoing changes and developments. The following are the key areas of focus for banks operating in the country.

Implementation of New EU Regulations

The European Commission has been reviewing EU banking rules (CRR and CRD) to ensure banks become more resilient to potential future economic shocks while contributing to Europe’s recovery from the COVID-19 pandemic and the transition to climate neutrality. Key aspects of these new regulations include:

  • Enhanced risk management: Banks must implement effective risk management practices to mitigate potential future economic shocks.
  • Climate resilience: Banks should assess their exposure to climate-related risks and develop strategies to manage these risks.

Banks are expected to comply with the principles set out in the ECB guide on climate-related and environmental risks. This includes:

  • Assessing climate-related risks: Banks must conduct a thorough assessment of their exposure to climate-related risks.
  • Developing risk management strategies: Banks should develop effective strategies to manage climate-related risks.

Money Laundering and Cyber Risks

Banks must continue to address prudential risks emanating from money laundering, cyber, and digitalization risks. This includes:

  • Implementing anti-money laundering measures: Banks must have adequate measures in place to prevent and detect money laundering activities.
  • Protecting against cyber threats: Banks should implement robust cybersecurity measures to protect against cyber threats.

Consumer Protection

Banks are subject to consumer protection rules, which include provisions on:

  • General terms of business: Banks must ensure that their general terms of business are transparent and fair.
  • Pre-contractual disclosure requirements: Banks must provide clear and accurate information to consumers before entering into a contract.
  • Advertising practices: Banks should adhere to responsible advertising practices.

Digital Transformation

Banks should continue to adapt their business models to new technologies and digitalization. This includes:

  • Implementing digital solutions: Banks should invest in digital solutions that improve customer experience and operational efficiency.
  • Managing change effectively: Banks must have adequate arrangements in place to manage the changes brought about by digital transformation.

The legal and regulatory landscape is subject to ongoing changes and developments, and banks must remain vigilant and adaptable to ensure compliance with evolving regulations.