Spanish Authorities Tighten Grip on Anti-Money Laundering Regulations

Spain’s anti-money laundering (AML) regulations have been shaped by EU legislation, with strong influence from the Financial Action Task Force (FATF). While closely aligned with international standards, Spain’s laws do diverge in key aspects.

Enforcement Bodies

The Commission for the Prevention of Money Laundering and Monetary Offences (CPMLMO) is Spain’s main administrative body responsible for AML matters. This commission plays a crucial role in enforcing anti-money laundering regulations in Spain.

SEPBLAC: Oversight and Inspections

SEPBLAC, an attached administrative body to CPMLMO, oversees supervision and inspections related to AML. The intense activity of both entities has resulted in:

• High Level of Enforcement: A surge in sanctioning activity from Spanish authorities, including:
  • A significant increase in the number of proceedings initiated
  • A substantial amount of fines imposed

This increased enforcement is a testament to Spain’s commitment to combating money laundering and other financial crimes.