FINAEU

The FINAEU Department is responsible for supervising the compliance of the Regulated Entities (the “Regulated Entities”) with their obligations deriving from the Prevention and Suppression of Money Laundering Activities Law of 2005, as amended, (the “Law”) and Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (the “Directive”).

The duties of the FINAEU Department, inter alia, include:

  • The monitoring, evaluation, and supervision of the implementation of the provisions of the Law and the Directive by the Regulated Entities.
  • The supervision of the Regulated Entities with their continuous obligations through onsite and offsite inspections, for the purpose of assessing the adequacy and effectiveness of the measures and procedures applied.
  • Participation in the “Advisory Authority for Combating Money Laundering” which is established under section 56 of the Law.
  • The participation in committees composed of representatives of other relevant supervisory authorities in Europe and abroad, for the prevention of money laundering and terrorist financing.
  • The participation in the evaluations conducted by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism
  • The drafting and publication of Directives, Guidelines, and Circulars in accordance with the legislation governing the operation of the Regulated Entities.
  • The educating of Regulated Entities on the prevention of money laundering activities and terrorist financing.