Financial Crime World

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Banco de España Cracks Down on Financial Crime in Spain

In a bid to strengthen the country’s banking regulations and prevent financial crime, the Banco de España has intensified its supervisory function. As the central bank of Spain, it is responsible for overseeing credit institutions’ solvency, activity, and compliance with banking rules and regulations.

International Supervision Key to Preventing Financial Crime

To tackle financial crime, international coordination and cooperation are essential. The Banco de España participates in various international committees and fora, promoting the signing of cooperation agreements with supervisory authorities in other jurisdictions. This move aims to enhance the exchange of information and best practices in banking supervision.

  • Promotes international cooperation through participation in:
    • International committees
    • Fora on banking supervision
  • Enhances exchange of information and best practices

Single Supervisory Mechanism Enhances Microprudential Supervision

The Single Supervisory Mechanism (SSM), established by European Council Regulation (EU) No 1024/2013, has been a game-changer in boosting confidence in the Spanish banking system. The SSM comprises the European Central Bank and national competent authorities, including the Banco de España. Since November 2014, it has exercised full supervisory powers, aiming to enhance microprudential supervision in the euro area.

  • Established by European Council Regulation (EU) No 1024/2013
  • Comprises European Central Bank and national competent authorities
  • Exercised full supervisory powers since November 2014

Supervised Entities Face Increased Scrutiny

Credit institutions and other financial entities operating in Spain are subject to increased scrutiny under the SSM framework. The Banco de España assists the ECB in direct microprudential supervision of significant institutions and performs this function for less significant ones. For all other supervised entities, the central bank has full autonomy over this responsibility.

  • Subject to increased scrutiny under SSM framework
  • Supervised by Banco de España with assistance from ECB
  • Autonomy for less significant institutions

Legislation and Publications

For more information on related legislation, publications, and useful links, please visit our resources page:

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