Compliance

Piraeus Financial Holdings Compliance follows the international best practices to ensure that the Group complies with the applicable legal and regulatory framework. Piraeus Financial Holdings Compliance Officer is independent with direct reporting to the Board of Directors and Audit Committee to which provides unbiased compliance oversight, update on the latest changes of the regulatory framework, the level and the management of the compliance risk, the adopted internal policies implementation status, the level of the Compliance Annual Plan and Policy implementation. He/she is selected by the Senior Management, possesses sufficient knowledge and experience and has unrestricted access to all data and information necessary to carry out his/her duties.

Piraeus Financial Holdings Compliance is mainly responsible for:

  • The establishment and the implementation of the relevant procedures and policies, the preparation of the Annual Compliance Plan and the regular monitoring of the level of its implementation in order to achieve the timely and continued compliance of Piraeus Financial Holdings with the current regulatory framework directives and the provisions of the Compliance Policy.
  • The assurance that Piraeus Financial Holdings and its subsidiaries comply with the applicable legal and regulatory framework that governs, preventing the use of the financial system for money laundering and terrorist financing. To this end, Piraeus Financial Holdings confirms that its subsidiaries comply with the obligations under said framework and with the adopted Compliance Policy, to create an environment appropriate for the early detection, prevention, investigation and reporting of such transactions.
  • The provision of information and update to the Audit Committee and Board of Directors on compliance issues through its annual and ad hoc reports; in particular, the update of the Committees on any significant violation observed in the applicable regulatory framework or any major deficiencies in meeting the obligations it imposes.
  • The provision of updates to the relevant instructions for adjusting internal procedures and the internal regulatory framework to the Piraeus Financial Holdings Divisions and subsidiaries in case of changes and amendments to the relevant current regulatory framework.
  • The establishment of the relevant procedures to ensure meeting the deadlines of the obligations arising from the existing regulatory framework and for this purpose the provision of written assurance to the Board of Directors through its annual reports.
  • The assurance that Piraeus Financial Holdings staff is kept continuously informed on developments related to the regulatory framework and its policies related to their duties, by establishing appropriate procedures, updates and training programs in collaboration with the Group Human Resources.
  • The monitoring, identification and effective management of compliance risk and the assessment of non-compliance risk.