On March 10 2015 the United States’ Financial Crimes Enforcement Network (FinCEN) that qualified BPA as “a foreign financial institution of primary money laundering concern.” The same day Institut Nacional Andorra de Finances (INAF) put Banca Privada d’Andorra into administration.
On March 16,2015 the Government of Andorra approved a Decree which allows the provisional administrators of Banca Privada d’Andorra (BPA) to adopt the precautionary temporary measures that they consider to be appropriate in relation to the national and international basic functioning of the institution, taking into account the current exceptional circumstances. The provisional administrators of BPA who have been appointed by the INAF have agreed to limit withdrawals related to checks, national and international transfers, payment methods, bills and cash withdrawals from ATM machines to 2,500 EUR per week and per account.
On March 16, 2015, Banco de Madrid (Spain), a subsidiary of Banca Privada d’Andorra filed for bankruptcy.
On April 27, 2015 the board of directors of the State Agency for the Resolution of Banking Institutions (AREB) declared the opening of the process for the resolution of BPA. since that BPA is managed by the administrators appointed by the board of directors of AREB.
On June 15 2015 the process for the resolution of BPA was approved with the fundamental content of is to focus on the segregation of BPA’s assets and liabilities that are considered to be legitimate. These assets formed part of the new bridge bank, which is known as Vall Banc SAU.
BPA has not published its financial statements for the 2014.
Due to regulatory requirements Banca Privada d’Andorra, SA (BPA) performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Banca Privada d’Andorra, SA (BPA) will ask him/her to provide the following documents: passport, ID card, utility bill, employment contract, wage slip, tax return, bank reference, bank statement. For corporate clients Banca Privada d’Andorra, SA (BPA) will ask to provide corporate documentation as well as information about controlling persons. Banca Privada d’Andorra, SA (BPA) may request additional documentation or information depending on the case.
Banca Privada d’Andorra, SA (BPA) was the 3rd largest bank in Andorra in terms of total assets. In 2013 its total assets were 3 346,91 mln EUR, providing the bank with the market share of 21.09%. In 2013 the bank's net income was 20,54 mln EUR. Banca Privada d’Andorra, SA (BPA) had 556 employees in 2014.
Banca Privada d’Andorra, SA (BPA) is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is D (default).
Banca Privada d’Andorra, SA (BPA) participates in the deposit guarantee scheme of Andorra. This deposit guarantee scheme applies to any credit balance on a bank account made by natural persons (Andorran and foreign), legal entities (Andorran and foreign) and covers up to up to 100,000 EUR per bank per depositor. Banca Privada d’Andorra, SA (BPA) is a member of Andorran Deposit Guarantee Fund (FAGADI) and makes its contributions into it.
Banca Privada d’Andorra, SA (BPA) was headquartered in Escaldes-Engordany.
Banca Privada d’Andorra, SA (BPA) is authorized and supervised by the Andorra Financial Authority (reference number EB 04/95).