Compliance Unit


Compliance Unit

In accordance to the framework established by the Management and the Board of Directors, the Compliance Unit is responsible for the implementation and application of appropriate processes in order to sustain the complete and full conformity by the credit institution within its regulatory framework and internal regulations. The Unit should, at any given time, be able to provide a complete report detailing the degree of the achievement of this objective. The basic responsibilities of the Compliance Unit are:

  • Informing Management and the Board of Directors of the credit institution for any significant breaches as per the above-mentioned regulating framework or any significant shortages.
  • In the event of modifications of the current regulatory framework, it provides relevant directives on the respective adaptation of the internal processes and internal compliance framework that is applied by the official units of the Bank, as well of the subsidiary companies.
  • It ensures that the Bank and its subsidiary Companies comply with the regulatory framework which relates to the prevention and control of money laundering and the financing of terrorism.
  • It ensures that employees are fully and constantly briefed on the developments relevant to their regulatory framework, by the establishment of appropriate processes and educational programs.

Anti-money Laundering and combating the financing of terrorism division

Regarding the prevention and suppression of money laundering and terrorist financing, the Bank has established a Division with appropriate policies and procedures in accordance with Laws and circulars by the Bank of Greece, in order to keep on developing the clientele basis always in line with the country and transaction networks operations specifics.

Operating policies and procedures are applied along with a specialized computer application that has been developed for the detection of transactions needed to be further examined. Their investigation and their report, as required, is executed after receiving suitable and adequate documentation. This also ensures the existence of acceptance criteria of customer contractual relationship and the classification of customers by grades of risk which may lead to the follow up of this relationship by the monitoring authorities. The Division maintains records of respective detection reports cooperating with the respective regulative authorities, such as Bank of Greece’s Supervision of Credit and Related Financial Institutions Department (SCRFID) and the Committee for fighting money laundering and combating the financing of terrorism.

Customer Relations

In accordance with the Directive of the Governor of the Bank of Greece 2501/31.10.2002, a policy has been developed and applied for the explicit and adequate information of customers who perform transactions regarding the principles and features of banking services offered, aiming transparency in transactions, facilitating customers to understand their obligations. Apart from the obligation of complying with the regulatory framework as defined by the above Directive, the Bank considers that through transparency, both credibility, reputation and status are ensured, factors that constitute its fundamental assets, while at the same time it minimizes its operational risk. The Customer Relations Division also resolves complaints made by those who perform Bank transactions within defined time limits and with the appropriate documentation.

One of the Bank’s fundamental objectives is the provision of a full pre-contractual customer briefing, the completion of transactions and generally responding to claims/requests/demands in a way that will minimize any disagreements or complaints. Within this framework, the Bank has managed having fewer customer complaints to date.