The attempt to manipulate financial institutions for money laundering purposes represents a serious problem of enormous proportion in the world economy. The result of this condition is the institution of rigid laws and penalties within the EU, USA and many other countries. The Bank of Greece (BoG), as the Competent Authority by its 2577/2006 newsletter and considering the laws 2331/1995 and 3424/2005 lays a framework of operation and evaluation criteria of the organization and internal control systems of the corresponding financial institutions. The Greek Postal Savings Bank as a Financial Institution has to have the ability, through its internal procedures and organization, not to be implicated in any money laundering procedure. Based on the BoG directive these procedures have to be implemented in a certain time horizon. The objective of this project was to clearly record all the requirements that arise from the Directive concerning the Postal Savings Bank, locate any gaps that are present in the implementation of the Directive, propose possible solutions for their confrontation and set the necessary actions and the means to detect, evaluate, check and report all suspicious transactions wherever possible.
