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Money laundering prevention
Anti money laundering policy is operationalised within Caja Madrid through an Internal Money Laundering Control and Prevention Committee reporting to the Management Committee.
The Caja Madrid Group has developed a Global Policy Manual on Laundering Prevention that lays down minimum anti laundering standards for application in its companies. Each subsidiary must also draw up its own Money Laundering Prevention Manual geared to its specific activity and/or customer profiles.
Anti laundering practices come under the supervision of the Bank of Spain, and are also reviewed each year by an external expert who makes improvement proposals as and when necessary. In 2007, this external expert audited all the anti laundering procedures of the Group's business units, including financial subsidiaries.
Caja Madrid is convinced that knowledge is the best deterrent, and has programmed laundering awareness courses as part of Annual Training Plans to teach staff how to detect and deal with the problem.
The laundering prevention armoury is completed by IT monitoring systems which are able to detect and analyse irregular transactions and, where appropriate, report them to the competent authorities.