Obligations

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Article 34 of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing establishes that a prior declaration shall be made by natural persons who, acting on their own account or for the account of a third party, perform the following movements of means of payments:

  • Incoming or outgoing cross-border movements of means of payment for an amount of EUR 10,000 or more or its equivalent in foreign currency.
  • Movements within national territory of means of payment for an amount of EUR 100,000 or more or its equivalent in foreign currency.

For these purposes, movement shall mean any change of location or position taking place outside the address of the bearer of the means of payment.

Notwithstanding the foregoing, natural persons acting on behalf of companies that, duly authorized and registered by the Ministry of Interior, engage in the professional transportation of funds or means of payment shall be exempted from the obligation of prior declaration of movements of means of payment.

The prior declaration of movements of means of payment shall conform to form S-1 established by Order EHA/1439/2006 of 3 May regulating the declaration of movements of payment means in the sphere of the prevention of money laundering. The declaration shall contain accurate data on the bearer, owner, recipient, amount, nature, origin, intended use, route and method of transport of the means of payment.

The obligation to declare shall be deemed breached if the information recorded is incorrect or incomplete.

Form S-1, once fully completed, shall be signed and presented by the person transporting the means of payment. Throughout the movement, the means of payment must be accompanied by the duly certified declaration and be transported by the person listed as the bearer.