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Spanish Regulators Step Up Anti-Money Laundering Efforts Amidst Financial Scandals and Global Threats
In the wake of recent financial scandals across Europe, Spanish regulators have intensified their focus on anti-money laundering (AML) compliance, imposing stricter screening and reporting requirements on businesses operating in the country. The heightened emphasis on AML regulations comes as Spain’s economy continues to grow, making it a prime target for criminals seeking to exploit its financial system.
SEPBLAC: At the Forefront of Spain’s Anti-Money Laundering Efforts
At the forefront of Spain’s AML efforts is the Commission for the Prevention of Money Laundering and Financial Crimes (SEPBLAC), the country’s anti-money laundering regulator and financial intelligence unit. Established in 1993, SEPBLAC operates under the authority of the Secretariat of State for Economy and Business Support, working closely with international counterparts to address financial crime threats.
Spain’s AML Regulations: Anchored in Law 10/2010
Spain’s AML regulations are anchored in Law 10/2010, which imposes risk-based AML/CFT compliance obligations on firms operating within the country. The law also requires reporting and record-keeping obligations, as well as penalties for non-compliance. In addition, Spain has transposed the EU’s Anti-Money Laundering Directives (AMLD) into national legislation, including the Sixth Anti-Money Laundering Directive (6AMLD), which introduced new definitions of money laundering and increased minimum penalties for convicted individuals.
Key Requirements for AML Compliance in Spain
To achieve compliance with these regulations, firms in Spain must adopt a risk-based approach to AML/CFT, assessing the risk posed by their customers and deploying proportionate measures to mitigate that risk. This includes:
- Customer identification
- Beneficial ownership verification
- Suspicious transaction reporting
- Ongoing screening against international sanctions lists and watchlists
Adverse Media Screening: A Critical Component of AML Compliance in Spain
Adverse media screening is also a critical component of AML compliance in Spain. Firms must dedicate resources to capturing breaking news stories, new sanctions designations, social media entries, and other types of media to identify potential AML/CFT risk factors.
Leveraging Technology for AML Compliance in Spain
Ripjar’s Labyrinth Screening platform provides a technology solution capable of searching global data sources in real-time, delivering actionable financial intelligence in seconds. With Ripjar’s Labyrinth, firms can:
- Tailor their compliance response to specific AML/CFT risk factors
- React to new legislation and criminal threats
- Stay ahead of evolving regulatory requirements
Preparing for New Regulatory Frameworks in the EU
As the EU prepares to introduce new regulatory frameworks for unbacked crypto-assets and stablecoins (MiCA) and cryptocurrency service providers (TFR), firms in Spain must adjust their compliance solutions to account for new levels of risk from transactions involving virtual assets.
Contact Ripjar for AML Compliance Support in Spain
For more information on how Ripjar can support your AML compliance in Spain, please contact us today.