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Andorra Takes the Lead in Money Laundering Detection with Advanced Machines
Escaldes Engordany, Andorra - The Andbank Group, a leading financial institution in Andorra, has implemented cutting-edge money laundering detection machines to prevent and detect illicit activities.
Commitment to Preventing Money Laundering and Financing of Terrorism
The bank’s commitment to preventing money laundering and financing of terrorism is evident in its robust policies and procedures. Andorra, where the bank is headquartered, is 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.
Global Policy on Money Laundering Prevention
The Andbank Group’s Global Policy on money laundering prevention is outlined in a comprehensive Manual, which sets out the rules and procedures to be followed by all subsidiaries, branches, and business areas. The policy covers key aspects such as:
- Global Governance: Establishes responsibilities for implementing anti-money laundering measures
- Customer Acceptance: Regulates customer identification and due diligence procedures
- Transaction Analysis: Outlines methods for analyzing transactions to detect suspicious activities
- Communication of Suspicious Transactions: Sets out procedures for reporting suspicious transactions
- Reviewing Bodies: Specifies the roles and responsibilities of internal review bodies
- Training: Requires regular training for all staff members on anti-money laundering regulations and procedures
Advanced Computer Tools for Transaction Analysis
The bank has also implemented advanced computer tools for transaction analysis, including:
- Swift Sanctions Screening: Enables detection of transactions in violation of international sanctions
- Oracle OFSAA: Analyzes transactions to detect potential money laundering activities
These tools are designed to identify potential money laundering activities and flag them for further investigation.
Robust Training Program
The Andbank Group has established a robust training program aimed at all staff members, which covers:
- Legal Regulations: Provides training on anti-money laundering regulations
- Detection of Suspicious Transactions: Teaches staff how to detect and control suspicious transactions
- Internal Processing: Trains staff on proper procedures for processing internal transactions
Independent Controls and Tests
Internal Audit services and external companies also perform independent controls and tests to ensure the proper functioning of the prevention system.
Leadership in Anti-Money Laundering
The bank’s Chief Compliance Officer is responsible for overseeing the implementation of the policy, while Prevention Officers have been appointed at different levels to report any suspected money laundering or terrorist financing activities. The bank’s commitment to preventing these illicit activities has earned it a reputation as a leader in the field of anti-money laundering.
Commitment to Transparency and Accountability
“With our advanced machines and robust policies, we are confident that we can effectively detect and prevent money laundering activities,” said a spokesperson for the Andbank Group. “Our commitment to transparency and accountability is unwavering, and we will continue to work closely with regulatory authorities to ensure the integrity of our financial systems.”