Greece’s HGC outlines anti-money-laundering duties for gambling businesses

Greece's Hellenic Gaming Commission (HGC) bases its anti-money-laundering supervision of gambling on a risk-based approach. The obliged entities are those organising or conducting gambling in Greece, including the physical network, and casino businesses. They must identify, assess and manage the money-laundering and terrorist-financing risks linked to their activity.

Within its remit, the HGC issues regulatory decisions, guidelines and circulars that specify the obligations of these entities. It carries out on-site and remote inspections. It also imposes administrative measures and sanctions in cases of non-compliance. The HGC cooperates with the Anti-Money Laundering Authority and with law enforcement and other competent authorities.

Gambling businesses must apply preventive measures in line with Law 4557/2018 and HGC Decision 554/5/15.04.2021. These include customer due diligence measures. They must also continuously monitor transactions and player activity. They must appoint a compliance officer. Staff training, record-keeping and reporting suspicious transactions to the competent authorities are also required.

Where transactions or business relationships involve high-risk countries or persons on sanctions lists, the entities must apply enhanced due diligence. They must take into account the national risk assessment and the European supranational risk assessment (SNRA) when carrying out their own risk assessment.

At EU level, the European Union has established the Anti-Money Laundering Authority (AMLA). The EU has also adopted a new legislative framework on preventing money laundering and terrorist financing.