Anti-money laundering

AML compliance that holds up when the supervisor asks.

Greek anti-money laundering law, Law 4557/2018, places detailed duties on a long list of businesses and professions, and every Greek company must keep its beneficial owners on record. We help obliged persons build procedures that work in daily practice, and help companies of every size meet their own obligations.

Contact the firm Call 24/7 · +30 210 220 5950

Who it is for

Businesses that the law treats as obliged persons, and companies that need to put their beneficial ownership and customer checks in order.

Obliged persons include credit and financial institutions, crypto-asset service providers, auditors, external accountants and tax advisers, real estate agents, dealers in high-value goods such as jewellery, art, cars and boats for transactions of €10,000 or more, casinos and gambling providers, company service providers, and notaries and lawyers when they take part in certain transactions for their clients, such as the sale of property or businesses or the setting up of companies.

What we do

Our work covers the whole compliance cycle, from assessing risk to reporting:

01
Business-wide risk assessment, an AML policy suited to the size of the business, and staff training with a record of it
02
Customer due diligence and know-your-customer procedures, including identification of the beneficial owner
03
Internal procedures for spotting suspicious transactions and referring them for assessment
04
Registration and updating of beneficial owners in the central register
05
Support during inspections and in dealings with the supervisory authority

The core duties of an obliged person

An obliged person must know its customer: verify the customer's identity, identify the beneficial owner and understand the purpose of the business relationship, applying simplified or enhanced due diligence according to the risk. Records must be kept for five years after the end of the business relationship. Suspicious transactions are reported to the Financial Intelligence Unit of the Anti-Money Laundering Authority, and the customer must not be told that a report has been made.

Real estate agents are covered for transactions of at least €10,000, whether the amount is a purchase price or a monthly rent, and dealers in high-value goods, such as jewellery, art, cars and boats, for transactions of €10,000 or more. Each category of obliged person has its own supervisor, for example the Bank of Greece, the Hellenic Capital Market Commission, the Independent Authority for Public Revenue (ΑΑΔΕ) or the Ministry of Justice for notaries and lawyers.

Beneficial owners: an obligation for every company

Greek companies must declare their beneficial owners in the Central Register of Beneficial Owners, which is kept by the General Secretariat for Information Systems of the Ministry of Digital Governance and accessed with taxisnet credentials. Changes must be registered within 60 days of the date they occur. Holding more than 25% of the shares is an indication of control, but the analysis does not stop at percentages: whoever actually controls the company is its beneficial owner.

Access to the register is restricted. Apart from the authorities and obliged persons, a third party must show a specific legitimate interest, following the 2022 ruling of the Court of Justice of the EU that struck down unconditional public access.

What changes in 2027

The EU anti-money laundering Regulation (EU) 2024/1624 will apply directly in all Member States from 10 July 2027, with a single rulebook replacing much of the national detail. The new EU Anti-Money Laundering Authority (AMLA), established by Regulation (EU) 2024/1620, has its seat in Frankfurt. Obliged persons reviewing their procedures now should take the new rules into account at the same time.

FAQ

Questions clients ask

Is my business an obliged person under Greek AML law?

It is if it falls within one of the categories of article 5 of Law 4557/2018, which include banks and financial institutions, crypto-asset service providers, auditors, accountants and tax advisers, real estate agents, dealers in high-value goods for transactions of €10,000 or more, gambling providers, company service providers, and lawyers and notaries in certain transactions. What counts is the activity the business actually carries on.

Do ordinary companies have AML obligations?

Even a company that is not an obliged person must declare its beneficial owners in the central register and update them within 60 days of any change. It will also be asked for due diligence information by its bank, its accountant and other obliged persons it deals with.

Who is the beneficial owner of a company?

The natural person who ultimately owns or controls it. Holding more than 25% of the shares is an indication of direct control, but control can also be exercised by other means, which must also be examined.

Where are suspicious transactions reported in Greece?

To the Financial Intelligence Unit of the Anti-Money Laundering Authority (aml-authority.gov.gr). The customer must not be informed that a report has been made.

How long must AML records be kept?

For five years after the end of the business relationship, under Law 4557/2018.

What will the new EU AML Regulation change?

From 10 July 2027 Regulation (EU) 2024/1624 will apply directly in Greece, replacing much of the national framework with uniform EU rules. The new EU Anti-Money Laundering Authority, AMLA, is based in Frankfurt.

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