Terrorism and international fraud have caused strict laws to come into place throughout the world. Greece is no exception. This article refers to the current laws in place concerning the conduct of bank accounts in Greece as described by the Hellenic Bank Association and applicable to any Greek Bank you might do business with.  If you have, or will need, a Greek bank account please read the rest of this article and TAKE ACTION NOW - it’s important.

Whether you are an existing customer, having had an account for years, or are anticipating opening an account for the purpose of buying a property in Greece, you are required to provide information to the bank before transactions can be processed. Therefore, when a bank asks for your identification details for a transaction, you should know that the bank is simply applying the law, it is not at the bank's discretion not to do so and it cannot do otherwise. Existing bank clients: if you haven’t already done so, you should collect the documents you need (see end of article) and take them to your bank immediately to avoid interruption in your banking service.

In Greece, just as in Europe and internationally, Law 2331/1995 as amended by Law 3424/2005 and the relevant provisions of the Bank of Greece for the prevention of money laundering and terrorism financing, and also for the protection of the legal interests and the assurance of the financial transactions of any individual dealing with a bank, prevent banks from making any transaction unless they have verified and confirmed the identity of the individual involved in such transactions and also require from banks to request from their clients information including legalization documents, customer identification documents, transaction document, etc. and maintain such information in their records.

How do banks use the information you provide and any personal data contained in it?

The information you provide to banks, according to Law 2472/1997 on the individual's protection from the processing of personal data, is securely kept for as long as specified by the relevant laws and is exclusively used for the purpose of its collection, while any violation is subject to very strict penalties and exhaustive fines.
Furthermore, you should know that credit institutions also comply with the provisions of the Hellenic Bank Association Code of Banking Ethics as regards the collection and maintenance of client information, confidentiality and banking and professional privacy.

Exactly what identification data will you have to provide and how will such data be verified?

If you wish to open a bank account (current, saving or deposit, etc), hire a safe deposit box, get a loan, mortgage, make international transfers or carry out any other transaction including remittances, the information you have to provide as a bank client according to law (whether you are the main or joint beneficiary, or the primary debtor or a guarantor) and the supporting documents you will have to produce to verify such information includes:

At least one from each of the following four categories:

Identification Information

• Identity Card
• Valid Passport
• ID card for persons serving in Law Enforcement and Armed Forces

Current Home Address

• Recent utility bill
• Lease agreement as submitted to a Tax Office
• Itemized Tax Payment Statement
• Valid Residence Permit

Current Profession and Professional Address

• Employer’s certificate
• Itemized Tax Payment Statement
• Copy of last salary statement
• Incorporation Statement
• Professional Identification Card
• Insurance Organisation Contribution Payment Invoice

Tax Registration Number (AFM)

• Itemized Tax Payment Statement

You have to produce original copies of the above documents, while banks have to keep copies thereof.

The information that you bank will request may vary depending on your transaction type and amount. Additional information may thus be required such as VAT returns, invoices, bills of lading, ownership titles, lease or sale agreement and/or other documents.

When acting on behalf of another person, in addition to providing your personal identification documents, you will be required to produce evidence of the third natural or legal person on behalf of whom you are acting. Banks are obliged to demand and verify such information as well, according to the law.

For further confirmation you can visit the Hellenic Bank Association website. We also thank the Alpha Bank for producing a very concise and helpful leaflet in English that we have used to produce this article.