In 2024, the Bank of Greece uncovered just eight violations related to anti-money laundering (AML) and counter-terrorist financing (CTF) efforts within the country’s financial sector, according to its Annual Report on Prudential
Supervision and Resolution Activities, published yesterday. These infractions were identified in two entities—an insurance company and a payment institution—with the central bank imposing a total of €210,000 in fines and ordering corrective actions.
The findings come despite repeated commitments by Greek authorities to strengthen regulatory oversight in the financial system. The report paints a rather muted picture of enforcement: only seven on-site inspections were conducted throughout the year, a surprisingly low number in a sector considered globally to be at heightened risk for money laundering and terrorist financing. This limited scope of scrutiny gives the impression that Greece’s financial system is being treated as largely compliant, an assumption not necessarily supported by the data.
Still, the Bank of Greece insists that ensuring compliance with AML and CTF regulations remains a supervisory priority. The report indicates that enhancements to oversight tools are underway, in line with a broader European strategy aimed at harmonizing and strengthening regulatory frameworks across the EU.
A major turning point is expected with the implementation of the European Union’s new Anti-Money Laundering Regulation (AMLR) and the launch of the European Anti-Money Laundering Authority (AMLA), which officially began operations in 2025. AMLA is set to become fully operational by January 1, 2028, and will take on direct supervisory responsibility for 40 high-risk financial institutions across the EU.
Until then, however, the report from the Bank of Greece suggests a regulatory approach that appears more focused on meeting formal obligations than on taking a proactive, robust stance against money laundering.
