Andorra’s Strong Stance Against Money Laundering: An Exclusive Look at the Andbank Group’s Comprehensive Approach
A Commitment to Combat Money Laundering
In recent years, Andorra has made significant strides in combating money laundering and terrorism financing, earning recognition from the international community for its efforts. At the forefront of this fight is the Andbank Group, a leading financial institution with operations both in Andorra and abroad.
A Steadfast Commitment
The Andbank Group, comprising its parent company Andorra Banc Agricol Reig S.A., has a steadfast commitment to preventing money laundering and terrorism financing. The Group’s policy is overseen by the Unitat d’Intel.ligència Financera d’Andorra (UIFAND), which ensures compliance with international standards.
International Recognition
Andorra has been assessed by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) and has signed a Monetary Agreement with the European Union. This demonstrates Andorra’s commitment to transposing EU Directives on anti-money laundering into its national legislation.
A Comprehensive Global Policy
The Group has developed a comprehensive Global Policy for preventing money laundering and terrorism financing, which is outlined in a manual that must be applied by all subsidiaries, branches, and business areas worldwide. This policy encompasses key aspects such as:
- Global Policy: Establishing the Group’s stance on anti-money laundering and terrorism financing.
- Organisation: Defining roles and responsibilities within the Group to ensure effective implementation of anti-money laundering measures.
- Customer Acceptance Policy: Setting standards for customer identification, acceptance, and due diligence.
- Transaction Analysis and Control: Implementing systems for detecting and controlling suspicious transactions.
- Communication of Suspicious Transactions: Establishing procedures for reporting suspected money laundering or terrorism financing activities to the competent authorities.
Internal Organisation and Training
The Andbank Group’s internal organisation plays a crucial role in its anti-money laundering efforts. A high-level centralised core is responsible for designing and implementing regulations, as well as supervising the effectiveness of anti-money laundering systems worldwide. Prevention Officers are appointed at different levels to report functionally to the Group’s Chief Compliance Officer.
The Group also provides specific training programmes for all staff members to explain legal regulations, procedures for detecting and controlling suspicious transactions, and how to properly process them internally.
Auditing and Compliance
Internal Audit services and external companies perform independent controls and tests to check the proper functioning of the prevention system. This ensures that the Group’s anti-money laundering measures are effective and compliant with international standards.
The Andbank Group’s comprehensive approach to preventing money laundering and terrorism financing demonstrates its commitment to combating financial crime and maintaining a secure financial environment for its customers.