Spain’s Battle Against Financial Crimes: Money Laundering and Terrorist Financing Defined and Combated

Madrid, Spain - Money laundering and terrorist financing pose significant threats to Spain’s economic, political, and social fabric. To safeguard its financial integrity, Spanish authorities have enacted comprehensive legislation and international collaborations.

History of Money Laundering in Spain

• Money laundering entered Spain’s penal code in 1988 in response to drug trade (Source: article)
• Amendments in 1995 and 2003 expanded the scope of money laundering offenses and increased penalties

Spanish Legislation against Financial Crimes

• Royal Decree 925/1995: Financial institutions’ obligations (KYC, suspicious transactions, record retention)
• Royal Decree 54/2005: Record retention extended for six years

International Collaboration

• Implementation of 4AMLD and 5AMLD via Royal Decree 11/2018 and Law 5/2020
• Continuous evolution of AML laws according to FATF and EU recommendations

Impact of Non-compliance

• Significant fines
• Negative impact on reputation
• Potential loss of market share

Protecting High-Risk Entities

• Banks
• Investment companies
• Credit institutions
• Insurance providers

Key Players in Spanish Financial Regulation

• Bank of Spain
• National Securities Market Commission (CNMV)
• Financial Intelligence Unit (SEPBLAC)

Solutions for Spanish Businesses

• Sanction Scanner: FATF and EU-compliant AML solutions
• AML Name Screening Software
• Sanction Screening and Monitoring
• PEP List Screening and Monitoring
• AML Transaction Monitoring Software
• Transaction Screening Software
• Regular updates for each client’s specific needs

For more information about Sanction Scanner’s offerings and to request a demo, please contact us.