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BankiaAnti-money laundering policies in the Bankia Group

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General statement on anti-money laundering and terrorist financing policies in the Bankia Group

Money laundering and terrorist financing destabilise financial markets due to the volume of such activities and their global nature, since they produce speculative movements and uncertainty that can affect the credibility of financial institutions in their relations with regulators and society in general. Concern about this problem has therefore increased among the international community in recent years and numerous countries around the world are adopting increasingly stricter rules to combat this menace to modern society.

The BFA/Bankia Group, which comprises Banco Financiero y de Ahorros, S.A. and Bankia, S.A., as well as the subsidiaries of both companies that are obliged to comply with the applicable regulations, is aware of the significance of this problem and the role that financial institutions and other economic agents play in preventing it. It therefore wishes to declare its full cooperation with the relevant authorities, combining its efforts with the rest of the Spanish financial system to combat money laundering and terrorist financing.

The Bankia Group's efforts are focused on establishing obligatory rules and procedures designed to:

  • Comply with the anti-money laundering laws that apply at any given time and the recommendations issued by international organisations, the Financial Action Task Force (FATF) and national and international authorities.
  • Establish customer acceptance policies and KYC procedures.
  • Implement operating regulations and control systems and appropriate communications in order to prevent its units from being used for money laundering and terrorist financing.
  • Properly conserve documents, including those that identify and justify the activity, purpose and nature of the business relationship with the customer, for the time required by the applicable laws and regulations.
  • Promote and ensure a culture of prevention and regulatory compliance among all Group employees by means of specific and effective training plans, as well as other measures designed for this purpose.
  • Supervise the work carried out by the Group by means of internal and external audits in order to verify the correct functioning of the anti-money laundering and terrorism financing system.

A summary of Bankia's manual on its global anti-money laundering and terrorism financing policies, as well as the Wolfsberg Group anti-money laundering questionnaire, can be consulted below.

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