The Compliance & AML departments of Eurobank Direktna follows international best practices. Its goal is to ensure that Eurobank Direktna comply with the applicable legal and regulatory framework.
Compliance Department operates independently from the business units. It has a direct reporting line to the Eurobank Direktna Audit Committee and the Board of Directors, thus enhancing the importance and the independence of the function.
AML Department operates independently from the business units. It has a direct reporting line to the Executive Board and performs relevant reporting to the Eurobank Direktna Audit Committee and the Board of Directors, thus enhancing the importance and the independence of the function.
Holistic management of compliance risk
Compliance & AML departments support the Audit Committee and the Board of Directors in the management of compliance risk. It provides oversight and coordination in relation to the responsibilities of Eurobank Direktna for compliance with the applicable regulatory framework, the rules of the Supervising Authorities, as well as the adopted internal policies.
Compliance & AML departments main responsibilities are as follows:
- New laws and regulations– Compliance & AML department notify Eurobank Direktna Management on new laws and regulations and advises them on the impact these may have.
- Compliance risks – Compliance & AML departments monitor the regulatory framework and assesses the risk of non-compliance with it. It supports Eurobank Direktna with regards to monitoring, identification, and effective management of compliance risks.
- Regulatory framework – Compliance & AML department ensure that the units and departments of Eurobank Direktna comply with the requirements of the regulatory framework and notifies the Eurobank Direktna Management accordingly.
More specifically, the key areas covered by the Compliance and AML Departments are the following:
- Combating tax evasion, money laundering and terrorism financing – It adopts appropriate policies and procedures and monitors the level of implementation.
- Financial markets – Compliance Department develops policies and procedures in accordance with the Law on Capital Markets.
- Consumer protection –Compliance Department monitors compliance to the consumer protection regulations and has an oversight of the complaints that have been communicated to the regulatory authorities.
- Supervisory authorities –Compliance Department monitors whether responses to requests from supervisory and other authorities are managed quickly and efficiently. It cooperates with them in order to facilitate their tasks. It monitors whether all the Eurobank Direktna units meet regulatory reporting timelines. It notifies the Audit Committee of any delays or fines.
- Deposit Insurance Agency (DIA) – Compliance Department controls timelines of the reports submitted to DIA, in compliance with the regulatory framework.
- Code of Conduct and Ethics –Compliance Department set the standards of the Eurobank Direktna internal Code of Conduct and Ethics. The Code applies to the human resources of the entire Eurobank Direktna and provides the framework for the principles, rules, conduct and decisions that the human resources ought to follow during their professional engagement. Compliance monitors adherence to the Code of Conduct and Ethics with the aim to identify potential conflicts of interest, bribery, corruption or other unusual transactions.