The Law and Purpose

Law 10/2010, of 28 April, and RD 34/2014).
Money laundering in Spain is an ongoing problem with the largest source of laundered funds resulting from terrorist financing and organized crime. According to SEPBLAC (the Spanish Authority charged with fighting money laundering), Madrid, Barcelona and Marbella report the highest number of ‘suspicious’ transactions in Spain.
Money laundering is a criminal offense. The AML laws are aimed at preventing legitimate organisations becoming involved in money laundering activities. IT DOES NOT NECESSARILY INVOLVE HANDLING THE MONEY – its about being a ‘party’ to such transactions – a ‘middle man’.
(Remember: Ignorance of the law is no defence).

Who does it apply to?

The ‘Sujetos Obligados‘ (Obligated Parties)

Financial Institutions

Activities of money circulation , investment or transfer, exchange, payment institutions.

Professionals

Auditors, external accountants, tax consultants, notaries, registrars, lawyers, solicitors.

Dealers

Jewellery, precious metals, works of art, antiques…

Penalties

Penalties can be imposed on the Administrators and/or Directors of companies that breach the law. In addition to what can be extremely large financial penalties (millions of Euro in some cases) for the company, they can also include:

• Removal from office
• Disqualification from holding administrative or management positions for a maximum period of ten years
• Prison sentences.

Training

Recommended for all Obligated Subjects.

Deliverables

• Training in the principles of the AML/CFT law
• Training for the company-designated Responsible person on compliance procedures
• Staff training in KYC (Know Your Client)
• AML Risk Assessment training
• Development of a company-customized AML Procedures Manual.