Implementation Of The Greek Regulatory Framework Against Money Laundering

1573 Words7 Pages
In an attempt to critically evaluate the effective implementation of the Greek regulatory framework against money laundering into the internal regulation of the Greek banks, several obstacles have arisen in obtaining relevant information, given that restrictions on publication of information relating to money laundering issues have been imposed. As a matter of fact, it is considered appropriate that “National Bank of Greece” and “Piraeus Bank”, two major Greek banks, which undertake numerous high-volume transactions, to be subject to examination as to whether they have acted with sufficient diligence to ensure the adoption of required measures in their compliance policy against money laundering. Aiming at the ensuring the verification of compliance with the law 3691/2008 and the relevant regulations of the Bank of Greece, the National Bank of Greece has been introducing measures for the prevention and combating of money laundering and financing terrorism. Within the framework of the Greek anti-money laundering regime, National Bank of Greece established appropriate policies and procedures. NBG Group Anti-Money Laundering and Combating Financing of Terrorism Group Policy is introduced for contributing to the effective enforcement of anti-money laundering legislation. In the context of NBG Customer Acceptance Policy, the basic principles, the general framework and the main rules are determined in order its enforcement operations to be strengthened and the use of the bank as

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