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AML COMPLIANCE

The Money Laundering and Terrorism Financing Prevention Programs, also known as AML Compliance, are a mandatory tool for certain subjects, to create a preventive culture of this type of crime.

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Money Laundering Prevention Program (PBC)

The Money Laundering and Terrorism Financing Prevention Program, also known as AML Compliance, is a fundamental tool for obliged subjects, in order to create a culture of prevention of this specific type of crime.

In this practical area, the services offered will be the following:

1. PREPARE AN INDIVIDUAL RISK STUDY (ERI)

Preparation of the Individual Risk Study Report (ERI) of the company, regarding the inherent risks of the company in relation to the crime of money laundering and terrorist financing. The objective will be to determine risk mitigation mechanisms and guarantee a low or non-existent residual risk.

2. Implementation of the Action Plan: Procedures Manual

Implementation of the Action Plan established in the ERI, through the development of specific Policies and Protocols, in order to reduce the risks in terms of the Prevention of Money Laundering.

3. Specific business training plan

Certification of the training program for the management team and company employees on the Prevention of Money Laundering and Terrorism Financing. Methodology based on theoretical-practical training and qualification system through knowledge certification exam.

4. Advice to the Internal Control and Communication Body (OCIC)

Consultancy and permanent advice to the Internal Control and Communication Body (OCIC) of the company.

The advice includes regular follow-up meetings with the OCIC, calls and meeting minutes, and personalized advice.

5. Annual program review

Preparation of an annual Review Report regarding the entity’s situation, regarding its models and mechanisms for the Prevention of Money Laundering and Terrorism Financing at the time of the review.

Why should you choose CP Legal Consulting as consultants in the Prevention of Money Laundering?

CP LEGAL is the reference Corporate Compliance boutique in the Principality of Andorra.

We are a professional law firm specialized in Criminal Compliance, AML Compliance and IT Compliance.

With extensive experience and professional experience in the Principality and neighboring countries, we provide high-quality comprehensive advice.

Expert team

Our team is specialized in criminal compliance

+5 years of experience

We have more than five years of experience in the sector in Andorra and neighboring countries

Andorra and Spain

We offer our services both in Andorra and in Spain

Some things you should know about
AML Compliance

AML is an acronym for the concept in English Anti-Money Laundering which we translate as Prevention of Money Laundering and Terrorism Financing (PBC / FT).

Money Laundering is the mechanism that some criminals use to conceal the illicit origin of their assets, thus introducing it into the legal circulation of money. With Money Laundering it is intended that the assets obtained in an illicit way have a legal appearance. There are certain sectors of economic activity that, according to the national legislator, have a series of characteristics that make them potentially more dangerous, to be used for Money Laundering and Terrorism Financing.

In this sense, AML Compliance It is a concept used to describe the legally established controls and measures, which must be complied with by certain obliged subjects related to prevention, detection and information to the corresponding Control Authority, on possible suspicious activities of Money Laundering.

The Money Laundering and Terrorism Financing Prevention Programs are mandatory for the so-called “obligated subjects” and these are not just banks. Obliged subjects are all those persons, entities and organizations obliged to comply with the requirements established in the national Money Laundering Prevention Law. The natural or legal persons who carry out the activities mentioned in the law are considered obligated subjects. These activities come from specific sectors of economic activity that, according to the national legislator, have a series of characteristics that make them potentially more dangerous, to be used for Money Laundering or Terrorism Financing.

The best known sectors are: a) Obliged financial subjects such as operating entities of the financial system, insurance companies and brokerages in the life branch and money order institutions; b) obliged subjects in the exercise of their activity such as: external accountants, tax advisers or auditors, notaries, lawyers and other independent legal professions when they participate in certain operations, economists, managers and providers of certain services, real estate agents, jewelry merchants, precious stones and metals, vehicles or works of art or antiques, gambling casinos, and non-profit organizations.

If your professional activity or sector of activity is included in the list that the Law establishes as obligated subjects, it is that you belong to an economic sector that is considered potentially dangerous to be used for Money Laundering and Terrorism Financing.

Thus, if you are considered a subject bound by the Law, you will be forced to comply with the demands and requirements established therein, regarding the implementation of due diligence measures, information obligations and internal control measures.

The subjects bound by the Law for the Prevention of Money Laundering and the Financing of Terrorism must ensure that their employees are aware of the obligations derived from it.

In this sense, an Annual Training Plan with the following characteristics must be approved:

  • The training must be given both to the people who are directly related to the client and to those who participate in the operations related to the client, as well as to all those responsible for putting the policies and procedures into operation and the members of the governing bodies.
  • The content of the training must include general knowledge of the concepts of PBC / FT, internal policies and procedures and, in any case, present updated information adapted to the job position and presentation of the participants.
  • The determination of the people who attend the training, the content, the frequency, the method (face-to-face, virtual, external) and the verification of the achievement and the degree of use of the training must be recorded.