The Regulatory Compliance Unit (RCU) of Piraeus Factoring S.A. was established according to Act 2577/09.03.2006 of the Director of the Bank of Greece: "Framework of operating principles and organization benchmarks, and of the Internal Control Systems of credit and financial institutions and relevant powers of their governing bodies". It reports to the company's General Director, its work is coordinated by the according to Act 2577/09.03.2006 of the Director of the Bank of Greece and it is subject to the audit of the the Bank's Internal Audit Department as to the adequacy and effectiveness of its regulatory compliance procedures. Furthermore, at least once every year it submits, through the Audit Committee, reports to the Bank's Board of Directors.

The Regulatory Compliance Unit, in accordance with Act 2577/09.03.2006 of the Director of the Bank of Greece, has the following responsibilities:

  • It establishes and implements appropriate procedures and drafts the relevant annual Regulatory Compliance Plan in order to achieve the timely and continuous company's compliance with the effective regulatory framework and to have a complete picture at any time for the degree of attainment of this objective.
  • It ensures that the Company complies with the regulatory framework regarding the prevention of using the financial system for money laundering and combating terrorism. For this purpose, it verifies the compliance of the Company's Divisions in cases of money laundering and regarding matters of compliance with obligations to fight terrorism.
  • It informs the Company's Management and the BoD, through its annual reports, of any identified major violation of the effective regulatory framework or of major deficiencies in meeting the obligations it imposes.
  • In the event of amendments to the current regulatory framework, which are communicated to the RCU either by the supervisory Authorities or by the Legal Service, it provides, with the assistance of the Legal Service, the pertinent instructions for the corresponding adjustment of the Company's internal processes.
  • It ensures, by appropriate procedures, the compliance with deadlines for the fulfilment of obligations under the current regulatory framework and for this purpose it produces to the BoD a corresponding written assurance through its annual reports.
  • It ensures the constant updating of the personnel on the developments in the regulatory framework in relation to their responsibilities, by establishing the appropriate procedures and training programs.
  • It takes note and is provided by all the Company's Divisions and personnel with the ability to access all data and necessary information for the fulfilment of its mission.