Prevention of money laundering

The Group's anti-money laundering (AML) policy is implemented through an Internal Money Laundering Control and Prevention Committee that reports to the Management Committee.

Heaven and earthManuel Alonso LinaresBranch 9299 - Businesses

Caja Madrid has developed a Global Policy Manual for the Prevention of Money Laundering that lays down the minimum AML standards to be applied in all Group companies. Each subsidiary also has its own AML manual geared to its specific activity and customer profiles.

AML practices come under the supervision of the Bank of Spain and are also reviewed each year by an outside expert who makes proposals for improvement as and when necessary. In 2008, this external expert audited all AML procedures of the Group's business units, including 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 this problem.

The AML 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.