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Banking & Finance Law in Athens, Greece revolves heavily around the principles of EU banking laws, since Greece is a member of the European Union. However, it also includes specific national norms and regulations. These laws regulate all manner of financial transactions, including loans, mortgages, financial agreements, deposits, and capital markets. They also oversee the operations and responsibilities of financial institutions like banks and credit establishments.
There are numerous situations in which you might need a lawyer specializing in Banking & Finance Law. Instances such as starting a business, applying for a loan or mortgage, navigating through a foreclosure, challenging banking fees, and investing in the stock market are just a few examples. Legal advice can protect your interests, ensure you are compliant with all relevant regulations, and provide you with recourse in situations where you feel you have been treated unfairly by a financial institution.
In Greece, the Banking & Finance sector is regulated by various laws which are designed to ensure the stability of the sector and protect the rights of consumers. These include the Bank of Greece’s regulatory framework, the Consumer Protection Law, Laws related to credit securities, and EU-derived Directives like MiFID II (Markets in Financial Instruments Directive) and PSD2 (Payment Services Directive). Compliance with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations is also mandatory.
The Bank of Greece is the country’s central bank and has the responsibility of maintaining monetary stability. It supervises all Greek banks and ensures they comply with regulatory standards. It also contributes to the smooth operation of payment systems.
The Consumer Protection Law states that all consumers have the right to receive clear information about the services and products they use. Misleading or aggressive commercial practices are prohibited. Furthermore, the law provides you with the right to withdraw from certain contracts.
AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations exist to prevent illicit activities like money laundering, financing of terrorism, and tax evasion. Financial institutions are required to identify and verify clients, monitor their transactions, and report suspicious activities to relevant authorities.
Yes. Banks must clearly communicate all costs associated with their services. If you believe that fees are unjust or have been applied without your knowledge, you have the right to challenge them.
MiFID II is an EU Directive designed to increase transparency in the financial markets and protect investors. PSD2 is also an EU Directive that regulates digital payment services and improves competition by facilitating new entrants to the market.
The Bank of Greece and the Hellenic Capital Market Commission are key resources as they regulate banking and capital markets respectively. You can also refer to online sources like the Official Government Gazette for laws and regulations.
If you need legal assistance, you should explore your options to hire a lawyer who specializes in Banking & Finance Law. There are many law firms in Athens with a focus on this area of law. It may be a good idea to set up initial consultations with a few different lawyers to find the one who you feel most comfortable with.
