Anti money laundering and
terrorist financing

Money laundering and the financing of terrorism are global phenomena that affect all the entities involved in financial systems.

For Grup Vall Banc (hereinafter, Vall Banc or "the entity") it is a strategic aim to have an efficient and effective system for the prevention of money laundering and the financing of terrorism, whose purpose is to prevent and detect any transaction or attempted transaction that may have illicit or criminal origins.

In this regard, the Board of Directors of Grup Vall Banc has passed guidelines and internal policies designed with the goal of complying with the laws in force, safeguarding its own interest and those of its customers and laying the foundations of an effective and efficient action in terms of the prevention of money laundering and financing of terrorism, fraud, corruption and abuse of the financial services provided by the entity.

Vall Banc has established a transparent policy that protects customers in a clearly defined framework that complies with international standards and meets the following criteria, as fundamental pillars in its design and composition:


  • Involvement of all levels of the organisation, particularly Senior Management.
  • Implementation of an awareness-raising culture based on ethics and respect both of current law and internal regulations.
  • Establishment and dissemination of internal policies, generally known and accepted by the entire organisation, that comply strictly with all the legal requirements in terms of money laundering and the financing of terrorism.
  • Use of computer systems for the detection of transactions as well as the application of strict criteria in the analysis of customers.
  • Implementation of defence and monitoring measures proportionate and appropriate to the type of risk to which the entity is exposed, through the application of an approach based on risk and a monitoring and supervision structure based on three duly established defence points.


The main guidelines included in both the guide and the prevention on money laundering and the financing of terrorism policy of Grup Vall Banc are the following:


  1. Approval and implementation of a policy for the identification and acceptance of the customer and the actual beneficiary (PAC) as well as of procedures of knowing the customer and the actual beneficiary (Know your Customer, KYC).
  2. Implementation of a risk-based approach (Risk-Based Approach model, RBA) to classify customers.
  3. Establishment of a methodology to study, assess and analyse the entity's risk level (individual risk study, ERI).
  4. Prohibition of establishing business relationships with anonymous accounts and shell banks and when the true beneficiary cannot be determined.
  5. Establishment of monitoring regulations and procedures to detect and analyse suspicious transactions.
  6. Establishment of preventive and detective controls in terms of international lists screening as well as of sanctioned and at-risk nations.
  7. Implementation of internal and external communication channels in order to disclose suspicious transactions to the competent authorities.
  8. Composition of an internal supervisory body (OCIC) which monitors and supervises the PBC&FT unit.
  9. Training and internal awareness programme.
  10. Integration of the periodic review function by of the group’s internal auditors.


In accordance with the implementation of best practices, you may consult the Wolfsberg Group’s questionnaire with Vall Banc’s answers. This document allows one to assess the level of compliance with the prevention on money laundering programme in accordance with the Wolfsberg Group’s standards. In this way, one can assess if the measures and practices applied in this matter are the appropriate ones. (see the document)

To sum up, Vall Banc maintains the security measures necessary to safeguard the interests of its customers and comply with international standards.

For more information, contact us at or visit Andorra’s Financial Intelligence Unit’s website: (Unitat d'Intel·ligència Financera d'Andorra)