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What requirements should people intending to act as an external expert have?
Law 10/2010 of 28 April establishes no requirements other than communicating to Sepblac their intention to act as an external expert before starting its activity and reporting to Sepblac on a semi-annual basis the list of the obliged subjects whose control measures have been examined.
How can the intention to act as an external expert be notified to Sepblac?
By means of form F22-7 “Comunicación de actuación como experto externo” available at External experts > Formalities > Communication of the intention of acting as an external expert or by clicking here.
Once completed and signed, the form must be sent to the following address:
Calle Alcalá, 48
28014 Madrid Spain
How can the list of obliged subjects examined by an external expert be communicated to Sepblac?
By means of form F22-8 “Entidades examinadas_DNI_XSAA” available at External experts > Formalities > Communication of the list of examined obliged subjects or by clicking here.
Once completed in accordance with the instructions detailed at External experts > Formalities > Communication of the list of examined obliged subjects, the form must be submitted to the e-mail address provided by Sepblac to the external expert.
Who are not required to bring their internal control measures under the annual examination of an external expert?
The following are exempt from the obligation of bringing their internal control measures under an annual examination:
- Individual professionals or entrepreneurs, understanding as such those individuals who provide, on their own behalf, business or professional services.
- Insurance brokers and obliged subjects listed in article 2.1 (i) to (u), both inclusive, of Law 10/2010 of 28 April that, including agents, employ fewer than 10 persons and whose annual turnover or total annual balance does not exceed EUR 2 million, provided they are not part of a business group that exceeds these figures.
- Obliged subjects listed in article 2.1 (v) to (y), both inclusive, of Law 10/2010 of 28 April (foundations, associations, professional dealers in goods under the terms set out in article 38 of Law 10/2010 of 28 April and managers of payment systems, clearing systems and those for the settlement of securities and financial derivatives, as well as managers of credit or debit cards issued by other entities, among others).
Is there any public registry of external experts? How can I know whether the person offering their services as an external expert is so and complies with the conditions set forth in Law 10/2010 of 28 April?
There is no such a public registry of external experts. Sepblac does not provide any information about it either.
In accordance with article 28.2 of Law 10/2010 of 28 April, it is the responsibility of the obliged subjects to entrust the external examination to persons having the adequate academic conditions and professional experience that make them suitable for the performance of that function.
Does Sepblac issue any accreditation on the capacity and/or suitability to act as an external expert?
No, it does not. Sepblac only acknowledges receipt of form F22-7 “Comunicación de actuación como experto externo” in which the intention to act as an external expert is communicated.
Is there any external expert report standard?
Order EHA/2444/2007 of 31 July which develops the Regulation of Law 19/1993 of 28 December in relation to the report of external expert on the procedures and internal control and communication bodies established to prevent money laundering, specifies the structure to which the written report of external experts must adjust and details the minimum requirements that it must have.
Do external experts have to do any negative semi-annual report?
No, they do not. External experts must report on a semi-annual basis the list of obliged subjects whose internal controls have been examined. In the case of external experts who have not examined the internal control measures of any obliged subject during a semester, no communication shall be submitted to Sepblac.
Can obliged subjects be their own external experts?
According to article 28.2 of Law 10/2010 of 28 April, obliged subjects shall not entrust the external examination to any natural person who renders or has rendered them any other kind of paid services in the three years prior or following to the date of issue of the report.
What responsibility do external experts have regarding the report they make? Can they be sanctioned?
In relation with their reports, external experts have the responsibility arising from their private legal relationships with the obliged subjects who contract them in order to make the annual examination.
In addition to the penalty that may be imposed to obliged subjects due to the commission of serious offences, other penalties may be imposed to those that, in the exercise of their functions as an external expert, are responsible for that offence.