Prevent to help our society

Prevention of Money Laundering

Spain has stringent rules and regulations on the prevention of money laundering.
As a result, these new regulations affects a greater number of activities and professions.

We offer

Design and implementation of manual and procedures
Compliance audit of procedures
Training in the prevention of money laundering
Activities & entities subject to the obligations established by law
Obligations of the activities/entities subject to comply with the law

Design and implementation of manual and procedures

Specific written policies must be implemented to:

  • Identify clients
  • Gather sufficient information related to the company and professional activities
  • Create measures to verify the information and internal communication
  • Develop control proceedings created an evaluated by an external expert

Compliance audit of procedures

We offer special compliance audits of procedures for the prevention of money laundering to help our clients control the risks derived from failure to comply with the law.

Our audit team will offer you an overview of compliance with statutory obligations such as:

  • Identification of Clients
  • Implantation of measures to prevent risks
  • Notification of operations suspicious of being related to money laundering

Training in the prevention of money laundering

We provide in-company tailor made training in which we will make sure participants obtain all the information related to the regulation for the prevention of money laundering and get accustomed to money laundering issues, its nature, characteristics and different typologies.

The final objective is that our clients implant these norms in their respective businesses to avoid hefty fines and sanctions for lack of compliance with the law.

Activities & entities subject to the obligations established by law

  • Credit entities
  • Insurance companies – life insurance
  • Foundations and Associations
  • Societies and Stock exchange agencies
  • Investment societies (excluding those delegated to a SGIIC – external investment society)
  • SGIIC and Retirement pension societies
  • Societies issuing credit cards
  • Individuals or Legal entities with activities related to money transfer or exchange
    Casinos
  • Activities related to real estate promotion, commission or intermediary in the buying or selling of properties
  • Individuals or Legal entities acting as auditors, external accountants or legal advisors
  • Notaries, lawyers or attorneys (when acting in specific operations)
  • Activities related to commerce with jewels, precious stones and metals
  • Activities related to commerce of art and antiquities
  • Activities related to stamp and numismatic investments
  • Activities related to professional transport of funds or payments
  • Activities related to international credit transfer
  • Activities related to commercialization of lottery or game of chance

Obligations of the activities/entities subject to comply with the law

  • Identification of the clients
  • Requesting information on clients and verifying its veracity
  • Examination of all suspicious operations
  • Conservation of documents (6 years)
  • Mandatory monthly declaration
  • Comply with providing the information requested by the Executive Service
  • Reporting of suspicious operations
  • Refusal to carry out suspicious operations without making such a report
  • Total confidentiality
  • Establishment of bodies of control and communication
  • Training of employees
  • Exemption of responsibility in relation to foreign subsidiaries
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