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White & Case Experts Break Down Spain’s Anti-Money Laundering Regulations

A team of experts from White & Case has provided a comprehensive overview of Spain’s anti-money laundering (AML) regulations, covering key aspects such as covered institutions, payment services, digital assets, and specific compliance requirements.

Covered Institutions

According to Law 10/2010, the following institutions are subject to AML rules:

• Credit institutions
• Insurance entities
• Investment firms
• And more…

These “covered entities” are required to implement due diligence measures to identify and mitigate risks associated with money laundering and terrorist financing.

Payment Services and Digital Assets

The experts also highlighted that payment services and money transmitters must be licensed in Spain and are subject to AML rules and compliance requirements. Additionally, digital assets such as virtual currencies are defined under Law 10/2010 and are subject to the same AML regulations as traditional financial institutions.

Specific Compliance Requirements

In terms of specific compliance requirements, the experts noted that three categories of obligations must be considered:

• Due Diligence: General, simplified, and enhanced measures depending on the risk factors involved
• Information Obligations: Reporting suspicious transactions to the SEPBLAC
• Internal Control: Creating appropriate business and customer-related safeguards to manage risks

Contributing Experts

The team of experts contributing to this article includes:

• Renata Madariaga
• Javier Garcia-Bermejo Hidalgo
• Eloy Algorri
• Ainhoa Busto
• Arantxa Hernández García from White & Case.

Their in-depth knowledge and expertise provide valuable insights for financial institutions operating in Spain and those looking to navigate the country’s complex AML regulations.

Source: White & Case