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Regulatory Compliance and Money Laundering Prevention

Regulatory Compliance and Money Laundering Prevention

Money-laundering and the financing of terrorism are global phenomena which affect all entities forming part of the financial systems.

The Board of Directors of Vall Banc has approved a series of internal policies to ensure the utmost respect for the legislation in force, and which at the same time guarantee the interests of the entity itself and those of its customers through effective and efficient actions relating to the prevention of money laundering, the financing of terrorism, fraud, corruption and the unlawful use of the financial services offered by the bank to its customers.

Money laundering and the financing of terrorism

The financial entities are one of the key actors in the prevention of money laundering and the financing of terrorism. Vall Banc has a transparent policy to protect its customers within a defined framework which complies with international standards.

  • It is with this in mind that it has implemented the Know Your Customer, (KYC) procedures and the constant monitoring of its customers' business.
  • In fulfilment of international standards, measures are implemented restricting capital flight.
  • This restricts operations with countries which, in accordance with international organisations, display serious deficiencies in relation to regulatory compliance.
  • There is a perceptive internal control body and the appropriate communication measures are in place.
  • All personnel receive the necessary training and the relevant communication measures have been implemented with the pertinent authorities.
  • In accordance with the application of best practices, you can consult the questionnaire of the Wolfsberg Group together with the answers provided by Vall Banc. This document offers an opportunity to see the extent to which the anti-money laundering programme complies with the standards of the Wolfsberg Group. This makes it possible to assess whether the measures and practices applied in the matter are appropriate and adequate. (see the document)

Ultimately, Vall Banc implements the necessary security measures to preserve the interests of its customers and to comply with international standards.
For further information, write to us at vallbanc@vallbanc.ad or visit the website for the Andorran Financial Intelligence Unit (Unitat d'Intel·ligència Financera d'Andorra) www.unifand.ad

USA Patriot Act Certification

Vall Banc issues the certification required for foreign entities that maintain a correspondent relationship with US financial institutions, thereby complying with the provisions of the USA Patriot Act and the final rules issued by the US Department of the Treasury (consult the document)

Automatic exchange of tax information between Andorra and the European Union

On 12 February 2016, Andorra signed an agreement with the European Union on the automatic exchange of tax information. This is another step in the country’s commitment to accepting international standards set by the G-20 and supported by the OECD.

This legislation was approved by the General Council on 30 November 2016 and shall enter into effect on 01 January 2017.

For further information, write us at vallbanc@vallbanc.ad or visit your advisor. We will be glad to help you.

MIFID Regulations: Protection, information and security

We provide information of a general nature relating to the Entity and the different financial services and instruments in accordance with the provisions set forth in Law 8/2013 of 9 May, on the administrative requirements and operating conditions for entities operating within the financial system, investor protection, market abuse and financial collateral arrangements which follow the guidelines of Directive 204/39/EC of the European Parliament and the Council of 21 April 2004 concerning the Markets in Financial Instruments (MiFID).

Practical guide

Política de salvaguarda d'actius  Política d’execució d’ordres  Política de gestió de conflictes d’interès 

 

 

Financial Statements 2016