The compliance department ensures the company’s full and ongoing compliance with the applicable regulatory framework and internal policies.
It was established following the supervisory framework rules and the provisions of the Bank of Greece Act 2577/9-3-2006.
The department reports functionally to the company’s Board of Directors and administratively to the General Manager. The Compliance department is subject to the audit of the company’s Internal Audit Department regarding the adequacy and effectiveness of its regulatory compliance procedures. Furthermore, it submits annual reports to the company's Board of Directors.
Principal responsibilities
- The establishment and implementation of appropriate procedures and the preparation of an annual plan aiming at full and continuous compliance with the applicable regulatory framework and the company's internal regulations.
- To inform the Management and the Board of Directors of possible violations of the regulatory framework or any significant deficiencies.
- The provision of instructions in case of amendments to the applicable regulatory framework, for the corresponding adaptation of the internal procedures applied by the Directorates of the company and its Policies.
- To ensure that employees are constantly informed about developments in the regulatory framework, by adopting appropriate procedures and training programs.
- To ensure compliance with the deadlines for the fulfillment of the obligations provided for in the regulatory framework.
- The submission to the Bank of Greece, within the first calendar semester of each year, of a report on the matters within its competence.
- The company may delegate the provision of services and the execution of operations and tasks to its parent company (bank), including the Compliance function.