[SHUTTERSTOCK]
A stricter regulatory framework for Greek banks will take effect on October 1, aiming to strengthen risk management and align with European Banking Authority guidelines.
The new rules apply to all banks and will reinforce internal governance standards, especially in areas related to money laundering, lending practices and oversight of board members. Developed by the Bank of Greece in coordination with the Hellenic Bank Association, the framework mandates enhanced roles for internal audit and risk management committees.
Key provisions include conflict-of-interest safeguards in transactions involving board members or related parties, with specific disclosure requirements for loans exceeding 200,000 euros. Board members receiving credit may not participate in loan approval decisions.
Banks will also be required to establish secure whistleblower mechanisms to report regulatory breaches, while protecting the identities of both the whistleblower and the accused.
Risk committees must convene at least quarterly to monitor financial, legal, technological, reputational and environmental risks.