Andorra Takes a Stand Against Money Laundering: What You Need to Know
In an effort to combat money laundering and the financing of terrorism, Andorra’s financial sector has implemented strict policies and procedures to prevent such illegal activities.
International Compliance
The Andbank Group, which operates under the supervision of the Unitat d’Intel.ligència Financera d’Andorra (UIFAND), is committed to complying with international standards and best practices in anti-money laundering measures. MONEYVAL, Andorra’s financial regulator, has assessed the country’s efforts in preventing money laundering and terrorist financing, and found it to be in compliance with EU directives.
Comprehensive Manual
The Andbank Group has developed a comprehensive manual on preventing money laundering and financing terrorism, which outlines policies and procedures for all subsidiaries, branches, and business areas operating within Andorra or abroad. The manual covers key aspects such as:
- Global policy
- Organization
- Customer acceptance
- Transaction analysis and control
- Communication of suspicious transactions
- Reviewing bodies
- Training
Internal Organization
A key aspect of the bank’s anti-money laundering efforts is its internal organization, which involves a centralized core management team responsible for designing and implementing regulations. Each business area has a Prevention Officer appointed at different levels who reports functionally to the Andbank Group’s Chief Compliance Officer.
Customer Identification and Knowledge
The bank also has strict standards and procedures for customer identification and knowledge, with specific policies for acceptance of commercial relations and criteria for rejection or prior authorization for certain types of customers and businesses. Computer tools are available for transaction analysis, enabling the detection of unusual or suspicious operations.
Reporting Suspicious Transactions
Internal procedures are in place to facilitate reporting of suspicious transactions, and necessary communications or reports are established with competent authorities. The bank also provides specific training programs for all staff members, which cover:
- Legal regulations
- Procedures for detecting and controlling suspicious transactions
- Proper processing of such transactions internally
Audits and Compliance
Independent audits are conducted by internal audit services and external companies to ensure the proper functioning of the prevention system. With these measures in place, Andorra’s financial sector is well-equipped to prevent money laundering and financing terrorism, ensuring a safe and secure environment for its citizens and international partners.
In summary, Andorra’s commitment to combating money laundering and terrorist financing demonstrates its dedication to maintaining a secure and trustworthy financial environment.