| Brief history |
The first bank to be set up in the Principality of Andorra was Banc Agrícol i Comercial founded in 1930. Later on, the economic development of Andorra from the 1950s onward favored the setting up of new credit entities in the Principality.
Until 1993 Andorra had a self-regulating banking system which followed the directives issued by the Associació de bancs Andorrans (ABA). Founded on 11 November 1960 , ABA came into being with the mission to self-regulate the banking sector, represent the interests of all its members and at the same time to be a guarantee of good banking practice and the corporate image of the Andorran financial center.
The seven banks operating in Andorra in 1990 signed an agreement to self-regulate the banking sector, to represent the interest by the Conventions of Vienna and Strasbourg for the prevention of money laundering and the recommendations of the Council of Europe of 7 June 1980, the Bâle Declaration of Principles of December 1988 and the 40 recommendations of GAFI. The main points in the agreement were:
With the adoption of the Andorran Constitution in 1993 the process of development the legislative framework for the financial sector began.
Other laws have been enacted which form the current legal framework for the Andorran financial system.
With regard to financial investment entities, they also have an association (the Association of financial investment entities– ADEFI) which was set up on 5 May 1999.
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| Financial system |
The sector consists of two professional associations:
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There are no exchange controls however due diligence of documents and funds is closely monitored.
You must be in Andorra and in person with your passport to open an account.
Opening a Bank acccount in Andorra as non resident may require personal visit to the Bank or "apostille" of documents required to open an account.
List of Bank in Andorra:
| Andorra Banc Agrícol Reig, SA (Andbank) |
• Denominació social: Andorra Banc Agrícol Reig, SA • Domicili social: C/ Manel Cerqueda Escaler, 6 - Escaldes • Tipologia: Entitat Bancària • Número de registre: EB 01/95 • Link a la pàgina web de cada entitat: www.andbank.com |
| Crèdit Andorrà, SA |
• Denominació social: Crèdit Andorrà, SA
• Domicili social: Av. Meritxell, 80 - Andorra la Vella • Tipologia: Entitat Bancària • Número de registre: EB 02/95 • Link a la pàgina web de cada entitat: www.creditandorra.ad |
| Mora Banc, SAU |
• Denominació social: Mora Banc, SAU
• Domicili social: Plaça Co-prínceps, 2 - Escaldes-Engordany • Tipologia: Entitat Bancària • Número de registre: EB 05/95 • Link a la pàgina web: www.morabanc.ad/
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