Uifand: What it is and why you should pay attention
Uifand is the Financial Intelligence Unit of Andorra responsible for preventing money laundering and terrorist financing. In 2025, Uifand has issued a new technical bulletin that tightens the requirements for the annual external audits that banking entities must pass. If you are thinking of relocating, investing, or opening a business in Andorra, understanding the implications of Uifand’s measures will help you make informed decisions and comply with regulatory obligations.
What the new audits change and their objectives
Uifand has transformed the nature of external audits: they are no longer just a formal procedure but have become a central supervision tool. The main goals declared by Uifand are:
- Enhance the traceability of transactions.
- Ensure internal control mechanisms are robust and effective.
- Align the Andorran financial market with international and European standards.
To achieve this, Uifand requires a more detailed methodology in sampling, in justifying the scope of the review, and in the structure and format of the report. Additionally, reports must be submitted electronically and in Catalan language.
Areas of greatest attention
The technical bulletin from Uifand highlights several critical areas that auditors must review meticulously:
- Politically exposed persons (PEPs) and risk management related to them.
- Relations with foreign jurisdictions and cross-border transactions.
- Management of numbered accounts and access controls.
- Virtual assets and their traceability.
- Effectiveness of alert systems to detect suspicious transactions.
Implications for banks, companies, and residents
Uifand’s measures have a direct impact on the banking system and collateral effects on businesses and individuals. Key implications include:
- Banks must internally document improvements and corrections, demonstrating they have implemented previous recommendations.
- Deficient audits may be considered serious violations, potentially resulting in regulatory or reputational sanctions.
- Companies operating in sensitive sectors will face increased due diligence and internal control requirements.
- Residents and potential new residents may face increased scrutiny when opening accounts and verifying funds.
Uifand requests that entities indicate whether they have fully or partially implemented previous recommendations; otherwise, the regulator will conduct rigorous follow-up. This increased control also responds to international demands (for example, the upcoming MONEYVAL round in 2026), which require Andorra to raise its level of transparency and compliance.
What this means if you are considering moving to Andorra
If your plan is to reside in Andorra, the activation of stricter controls by Uifand implies that:
- The process of justifying funds for tax residency will be more detailed.
- Opening bank accounts may require additional documentation and longer verification times.
- Individuals involved in international activities or with ties to examined jurisdictions should prepare comprehensive documentation.
To learn more about residency requirements and how to prepare documentation, you can consult resources on residency in Andorra and taxation in Andorra. Planning ahead reduces risks and expedites procedures.
Practical recommendations for companies and individuals
In light of Uifand’s new roadmap, it is advisable to adopt preventive measures such as:
- Review and document due diligence procedures (KYC) and client onboarding processes.
- Implement clear and accessible electronic records for audits.
- Train key staff in anti-money laundering prevention and alert management.
- Evaluate virtual assets handling with specialized providers.
- Seek local fiscal and legal advice before making significant capital movements.
These steps not only reduce the risk of issues with Uifand but also increase confidence among banks and business partners. If you are a foreign company planning to establish in Andorra, integrating compliance from the start helps avoid costly adjustments later.
How Andorraway can assist you
At Andorraway, we offer advisory services for those wishing to live, invest, or settle in Andorra. Our services cover key aspects now requiring more attention by Uifand:
- Advice on residency in Andorra and funds justification procedures.
- Information and support on taxes in Andorra to optimize fiscal structures in compliance with regulations.
- Assistance in relocation management and interactions with local banks.
- A direct contact channel for specific inquiries: Contact us.
Preparing with professional advice facilitates interactions with banks and reduces risks of delays or issues caused by audits or regulatory controls.
Summary and next steps
Uifand has raised the bar for audits: increased detail, sampling rigor, and demands for electronic and Catalan reports. For those moving or investing in Andorra, this implies a clear need for planning and transparency. Recommendations include:
- Prepare financial documentation and source of funds in advance.
- Align internal procedures with compliance standards.
- Seek local specialized advice before opening accounts or making investments.
If you need personalized guidance on how to meet Uifand’s requirements, at Andorraway we can help you prepare documentation, understand tax consequences, and manage the move safely. Consult our guides on living in Andorra and taxes in Andorra, or contact us for a consultation.
Final notes
The intensification of controls by Uifand aims to improve the reputation and solidity of Andorra’s financial system. For residents, investors, and businesses, it is an opportunity to professionalize processes, demonstrate transparency, and build stronger, long-lasting banking relationships.