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Escaldes-Engordany, 10 June 2021.Andbank has opened a US dollar correspondent account with Citibank, a leading international institution and one of the largest banking and financial corporations in the United States. The agreement was made possible after having successfully passed a lengthy and thorough due diligence process, in which Citibank reviewed, analysed and assessed the bank’s […]
Escaldes-Engordany, 10 June 2021.
Andbank has opened a US dollar correspondent account with Citibank, a leading international institution and one of the largest banking and financial corporations in the United States.
The agreement was made possible after having successfully passed a lengthy and thorough due diligence process, in which Citibank reviewed, analysed and assessed the bank’s best market practices in areas such as regulatory compliance (paying special attention to the prevention of money laundering and terrorist financing), transactions and management of associated risks and internal control.
This correspondent banking agreement makes for an important milestone for Andbank and the Andorran banking sector, as it strengthens the confidence of US financial institutions in a national bank. Andbank thus becomes the country’s first bank to receive US dollar correspondent banking services from Citibank.
Now the Bank enjoys the correspondent services of two internationally renowned institutions, BNY MELLON and Citibank, which further backs Andbank’s growth and search for excellence to provide more and better services to its customers.
