Andbank Group: Cracking Down on Money Laundering in Andorra

January 2023

Andorra, a small European microstate between France and Spain, is taking a firm stance against money laundering with strict policies adopted by the Andbank Group. The financial conglomerate, including Andorra Banc Agricol Reig S.A. and its subsidiaries and branches, is dedicated to upholding international initiatives and local regulations.

International Compliance

Being supervised by the Unitat d’Intel.ligència Financera d’Andorra (UIFAND) and international bodies such as MONEYVAL, Andorra, an member of the Council of Europe, has signed the Monetary Agreement with the European Union. Ensuring the enforcement of EU Directives on money laundering prevention.

Comprehensive Global Policy

The Andbank Group, headquartered in Escaldes Engordany, Andorra, has developed and implemented the following comprehensive Global Policy on money laundering prevention:

1. Global Policy: Applies to all subsidiaries, branches, and business areas within Andorra and abroad. 2. Organization: High-level management oversees the design, implementation, and supervision of anti-money laundering regulations.

• Prevention Officers appointed.
• Reporting functionally to the Chief Compliance Officer.

3. Customer Identification and Acceptance: Strict procedures identify and categorize customers.

• Specific standards and policies for accepting/rejecting customers and businesses.

4. Transaction Analysis and Control: Computer tools, including Swift Sanctions Screening and Oracle OFSAA, used for identification of unusual or suspicious activities.

5. Communication of Suspicious Transactions: Reporting system exists for mandatory reporting of financial improprieties.

6. Reviewing Bodies: External and internal auditing services ensure the proper functioning of the prevention system.

Management’s Responsibility

The Andbank Group’s Board of Directors holds ultimate responsibility for preventing money laundering and terrorist financing. Each subsidiary and branch, both in Andorra and abroad, implements this policy and adapts it to meet local legislation requirements and specific business characteristics.

Robust Prevention Measures

The Andbank Group employs internal structures, strict customer identification procedures, comprehensive transaction analysis tools, effective communication platforms, and ongoing staff training programs to combat money laundering effectively. External auditing services provide additional support through independent controls and tests.