Money laundering, terrorist financing is considered serious crime for Spain. There are important economic, political and social threats of hiding the elements of the crime by laundering proceeds from illegal activities. The Spanish government has taken various measures to protect the country from these risks.
AML Laws in Spain
Spain accepted money laundering as a crime in the penal code in 1988 in order to prevent money laundering from the drug trade. Changing money laundering methods and technologies over time required some changes to be made in methods of struggle. Spain expanded the scope of money laundering crime and increased the penalties with the amendments made in the laws in 1995 and 2003. With the Royal Decree in Spain, Spain brought obligations to financial institutions such as "know your customers", detecting suspicious transactions, and keeping customer records for at least 5 years in 2005.
Money laundering laws in Spain cover banks, investment companies, credit companies, insurance companies, brokerage companies, securities companies, money transfer companies, and payment institutions. These organizations appear to be at high risk for money laundering and terrorist financing. Therefore, these organizations have to meet their anti-money laundering obligations and protect themselves from financial crimes. The regulatory body of Spain audits these institutions periodically. The regulatory agency imposes administrative and fines on those organizations that do not meet their obligations. The regulatory agency imposes administrative and fines on those organizations that do not meet their obligations. The fact that a company is on the agenda with financial crimes may cause the company to lose its reputation and customers, which may cause its loss of market share.
AML Compliance in Spain
Since Spain is a member of FATF and the European Union, it has some responsibilities and obligations. FATF and the European Union publish recommendations for countries to effectively combat financial crime. Countries should establish and comply on the basis of these recommendations when establishing AML policies and regulations. Spain is working to ensure that AML policies and regulations are compatible with the European Union and FATF.
The Commission for the Prevention of Money Laundering and Financial Crimes (CPBC) is Spain's anti-money laundering body. This commission, run by the minister of economy, is working to effectively fight financial crime. If you are an institution under obligation, you must act immediately and comply with AML regulations. Sanction Scanner provides solutions that help companies meet their AML obligations. With more than two hundred countries' AML data, you can protect your company from financial crimes and ensure compliance with AML regulations.
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AML Requirements in Spain
- Know Your Customer Procedures
- Customer Due Diligence Procedures
- Enhanced Due Diligence Procedures
- Transaction Monitoring Procedures
- Reporting Suspicious Transactions
- Record Keeping