The Regulatory Compliance Unit ensures the ongoing adjustment of the operation of the Bank to the regulatory framework. It was established in implementation of the supervisory framework rules and the provisions of Act No 2577/9-3-2006 of the Governor of the Bank of Greece. Although it reports directly to the Board of Directors, it is administratively independent. Its main mission is to achieve full and constant compliance with the regulatory framework and the internal regulations in force, at any given time. The Regulatory Compliance Unit is subject to the control of the Internal Audit Unit as to the sufficiency and efficacy of regulatory compliance procedures.
Main responsibilities
- Establishing and implementing adequate procedures and drafting an annual plan aiming at full and constant compliance with the regulatory framework in force and the Bank’s internal regulations at any given time
- Informing Management and the Board of Directors on any violations of the regulatory framework or any significant deficiencies
- Informing Management on the fulfilment of compliance obligations by providing instructions and advice on the implementation of the regulatory framework in force at any given time
- Providing guidelines in case of changes in the applicable regulatory framework, so that the internal procedures and the internal regulatory framework applied by the Bank’s service units and branches may be adjusted accordingly
- Ensuring that employees gain an up to date information on the developments in the regulatory framework related to their duties, by establishing appropriate procedures and educational programmes
- Coordinating and supporting the work of the employees responsible for regulatory compliance issues at branch level, so that all units fully comply with the applicable provisions as dictated by the law within the meaning of Act No 2577/2006 of the Governor of the Bank of Greece
- Ensuring that the deadlines for fulfilling the obligations foreseen by the regulatory framework are kept and providing related confirmation to the BoD
- Developing and drafting the Regulatory Compliance Programme and informing Management about its implementation
- Ensuring that the Bank complies with the regulatory framework on the prevention of money laundering and financing of terrorism
- Performing on-site and remote spot-checks at the Branch Network and Administration departments in order to verify compliance with the Bank’s policies and procedures, and informing Management so that the necessary corrective measures may be adopted within agreed timetables
- Reporting to the Bank of Greece within the first calendar semester of each year on matters of its competence
Appointment or eventual replacement of the Head of the Regulatory Compliance Unit is notified to the Bank of Greece.