Andorra Tightens Grip on Anti-Money Laundering Regulations Amid Global Efforts
Andbank Group, the parent company of Andorra Banc Agricol Reig S.A., has announced a comprehensive policy aimed at preventing money laundering and terrorism financing.
AML Policy Manual
The policy is outlined in a manual that covers key aspects of anti-money laundering (AML) policies, including:
- Organization
- Customer acceptance
- Transaction analysis
- Communication of suspicious transactions
- Reviewing bodies
- Training
The manual has been developed to provide procedures and protocols for all subsidiaries, branches, and business areas established in Andorra and abroad.
Supervision and Oversight
The policy is supervised by the Unitat d’Intel.ligència Financera d’Andorra (UIFAND), which is responsible for overseeing financial intelligence in Andorra. Andorra has also 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, implementing EU directives on AML and terrorism financing.
Implementation and Compliance
The policy requires all subsidiaries, branches, and business areas to implement minimum standards set forth in the manual, adapting them to local legislation and business characteristics. The company’s Board of Directors holds responsibility for overseeing AML policies, while Prevention Officers have been appointed at different levels within each unit to report functionally to the Chief Compliance Officer.
Key Aspects
Some key aspects of Andbank Group’s AML policies include:
- Internal organization
- Customer identification
- Transaction analysis
- Communication of suspicious transactions
- Training
Computer tools are utilized for transaction analysis, enabling the detection of unusual or suspicious operations. Internal procedures have been established for reporting such transactions, with necessary communications or reports made to competent authorities.
Training and Awareness
The company has also implemented specific training programs aimed at all staff members, covering:
- Legal regulations
- Procedures for detecting and controlling suspicious transactions
- Internal processing protocols
Independent audits are conducted by internal audit services and external companies to ensure the proper functioning of AML systems.
Commitment to Combating Money Laundering
As Andorra continues to strengthen its anti-money laundering regulations, it is clear that the country is committed to maintaining its position as a reliable and secure financial hub in the region.