Banks in Andorra Take Stepped-Up Measures to Prevent Money Laundering

Andorra, a small European country nestled in the Pyrenees mountains, has been making significant efforts to prevent money laundering and the financing of terrorism. As part of its commitment to international initiatives, the Andbank Group has developed a comprehensive strategy to combat these crimes.

Global Policy on Preventing Money Laundering and Financing Terrorism

The Andbank Group’s Global Policy outlines procedures for identifying suspicious transactions, reporting them to authorities, and conducting internal audits. This policy is held by the Board of Directors of Andorra Banc Agricol Reig S.A., which ensures that all subsidiaries, branches, and business areas adhere to it.

Key Components of the Policy

• Prevention Officers: Appointed at different levels across the Group’s units worldwide, these officers report functionally to the Chief Compliance Officer.
• Computer Tools: The Andbank Group uses tools such as Swift Sanctions Screening and Oracle OFSAA to detect unusual or suspicious operations.
• Reporting Procedures: Internal procedures are in place for reporting suspicious transactions, ensuring that any member of the organization can meet their obligation to report transactions related to these crimes.

Training Programs

The Andbank Group provides specific training programs aimed at all staff members. These programs cover:

• Legal regulations
• Procedures for detecting and controlling suspicious transactions
• Proper processing of internal procedures

Independent Controls and Tests

Internal Audit services and external companies perform independent controls and tests to check the proper functioning of the prevention system.

Andorra’s Commitment to Anti-Money Laundering Measures

The country has signed a Monetary Agreement with the European Union, transposing EU Directives on preventing money laundering and the financing of terrorism into national legislation. The Unitat d’Intel.ligència Financera d’Andorra (UIFAND) supervises the Andbank Group’s efforts in preventing money laundering.

Conclusion

The Andbank Group’s commitment to preventing money laundering and the financing of terrorism is a key aspect of its operations, with measures in place to detect suspicious transactions, report them to authorities, and ensure that all staff members are trained on procedures.