Banca Privada d'Andorra's case (BPA) highlights the limits of the due diligence on distributors and counterparties.
The Financial Crimes Enforcement Network (FinCen), in the United States, that is the equivalent of the Financial Intelligence Unit in Luxembourg, accuses BPA.
The Andorran bank, BPA, is accused by the FinCen of laundering money of organised crime and corruption.
Unless BPA has put in place AML/CTF internal procedures complying with FATF recommendations and European criteria (please note that this statement is personal to the author of the site and has not been relased by the FinCen), it appears according to the FinCen's statement that these procedures have not been adequately applied.
This case questions about the limits of the Compliance duties on AML due diligence.
How to ensure that your distributor/counterparty is compliant? This is the challenge that we are facing with this case...
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