Money Laundering Detection Methods in Andorra: Andbank Group Committed to Prevention

The Andbank Group, a leading financial institution with operations in Andorra and abroad, has reaffirmed its commitment to preventing money laundering and financing terrorism. In this article, we will explore the measures taken by the group to prevent these financial crimes.

Andorra’s Commitment to Anti-Money Laundering

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 agreement requires Andorra to transpose EU Directives on money laundering and terrorism financing into its national legislation.

The Andbank Group’s Approach

The Andbank Group has developed a Global Policy to combat money laundering, which is outlined in a comprehensive Manual for Prevention of Money Laundering and Financing of Terrorism. The manual outlines key procedures and protocols for the group’s subsidiaries, branches, and business areas, including:

Key Procedures and Protocols

• Customer Acceptance Policies: The group has strict customer identification and knowledge policies in place.
• Transaction Analysis and Control: Computer tools are available for transaction analysis and detection of unusual or suspicious operations.
• Communication of Suspicious Transactions: Internal procedures enable staff to report transactions that may be related to money laundering or terrorism financing.

Internal Organization and Oversight

The group’s anti-money laundering strategy is overseen by the Board of Directors of Andorra Banc Agricol Reig S.A., who are responsible for ensuring its effective implementation. Prevention Officers are appointed at different levels to report functionally to the Andbank Group’s Chief Compliance Officer.

Training and Internal Controls

In addition, the group offers specific training programs for all staff members on legal regulations, procedures for detecting and controlling suspicious transactions, and proper processing methods. Internal Audit services and external companies perform independent controls and tests to check the proper functioning of the prevention system.

By implementing these measures, the Andbank Group demonstrates its commitment to preventing money laundering and financing terrorism in Andorra and abroad, while adhering to international standards and regulations.