Compliance with the letter and spirit of the laws, codes, rules and regulations and good market practices is our responsibility and obligation. Dedicated to its duties, Piraeus Bank (Cyprus) Ltd, has created a Compliance Unit, in compliance to a relevant Guidance Note issued by the Central Bank of Cyprus. The Compliance Unit is charged with the work of prevention and management of compliance risk, which according to the definition of the Basle Committee on banking supervision, is the risk of legal and supervisory sanctions, financial loss or loss of reputation that a bank may be subjected to as a result of its failure το comply with the laws, the guidance notes issued by the regulatory/supervisory authorities, its internal procedures and the code of conduct. The role of the compliance function is to provide advice and support to business units so as to enable them to adequately manage the compliance risk and to safeguard the bank’s reputation when conducting a business activity or providing a service. To that effect, the Compliance Unit is administratively independent and it is also independent from the commercial/business activities of the Bank, so as to safeguard its objectivity and impartiality in carrying out its duties. In this unit, you may find information on topics that fall within the scope of compliance of the Bank with laws and regulations, on new developments in the legal and regulatory/supervisory framework that affect, directly or indirectly, the financial system and their adoption and incorporation in the practices of Piraeus Bank (Cyprus) Ltd.