Prevention of Money Laundering and the Fight against Terrorism
General statement on money laundering policies at the Andbank group
Aml Wolfsberg Questionnaire
USA Patriot Act
The MiFID directive seeks to regulate the conditions for the authorization and operation of Investment Services Companies, to determine the conditions for the authorization and operation of regulated markets and new trading centres, to outline the rules on investor conduct and protection to be complied with by Investment services companies and to establish the new organizational and behavioural requirements for market participants for the purpose of improving investor protection.
In addition, the MiFIR directive regulates pre- and post-trading transparency with the competent authorities and investors, laying down a series of requirements and obligations regarding the information that must be sent to the markets and regulators and establishing the obligation to trade in certain products that were previously traded outside the markets at trading centres, implementing certain supervisory initiatives for all of the above.
In this regard, the Andbank Group fully complies with the requirements established within this regulatory framework, in accordance with the local provisions of the jurisdictions in which it provides investment services.
The Common Reporting Standard (“CRS”) is a system for the automatic exchange of tax information between countries which allows the tax authorities of participating countries to obtain tax information relating to investments or positions which their residents hold in financial institutions located overseas (outside the country in which they are resident for tax purposes) on an annual basis.
On 1 January 2017 the Llei 19/2016, del 30 de novembre, d’intercanvi automàtic d’informació en matèria fiscal (the “Automatic Exchange Law”) entered into force in Andorra, implementing the OECD Common Reporting Standard for reporting and due diligence relating to financial account information, with the aim of improving international tax compliance based on the automatic reciprocal exchange of information.
This law regulates the automatic exchange of financial account information between Andorra and other countries in accordance with the relevant international agreements and treaties, situating Andorra at the highest levels of transparency in relation to the exchange of information with other OECD countries.