Andorra – Know Your Customer (KYC) Rules

 

 

Andorra is not a regional financial center but it has a well developed financial infrastructure. The non-financial crime rate is low in Andorra with few instances of drug-related offenses or other serious crimes.

KNOW-YOUR-CUSTOMER (KYC) RULES:

 

Enhanced due diligence procedures for PEPs:

 

PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted with a prominent public function, or an individual who is closely related to such a person. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used interchangeably

    • Foreign PEP: YES
    • Domestic PEP: YES

Andorra – KYC covered entities

 

The following is a list of Know Your Customer entities covered by Andorran Law:

    • Banks, leasing, and factoring firms
    • Asset, mutual fund and risk capital management firms
    • Exchange houses
    • Financial advisors and intermediaries
    • Insurance companies
    • Lawyers, notaries, accountants and tax advisors
    • Dealers of precious metals and stones
    • Real estate agents
    • Bingo establishments

Andorra – Suspicious Transaction Reporting (STR) Requirements:

 

Number of STRs received and time frame: Not available

Number of CTRs received and time frame: Not available

The following is a list of STR covered entities covered by Andorran Law:

    • Banks, leasing, and factoring firms
    • Asset, mutual fund and risk capital management firms
    • Exchange houses
    • Financial advisors and intermediaries
    • Insurance companies
    • Accountants and tax advisors
    • Notaries and other legal professionals
    • Dealers of precious metals and stones
    • Real estate agents
    • Bingo establishments

MONEY LAUNDERING CRIMINAL PROSECUTIONS/CONVICTIONS:

 

Prosecutions: Not available
Convictions: Not available

ENFORCEMENT AND IMPLEMENTATION ISSUES AND COMMENTS:

The Government of Andorra (GOA) should continue to loosen its bank secrecy laws and make its banking system more transparent. The GOA should become a party to the UN Convention against Corruption.