Unofficial translation provided for information purposes.
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Formality description
Article 26 ter of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing establishes that obliged subjects must appoint a director or senior manager residing in Spain to act as a representative to Sepblac.
Obliged subjects carrying out activities in Spain through agents or ways of establishment other than branches must appoint a representative residing in Spain who shall be considered as central contact point.
Obliged subjects carrying out activities in Spain through the provision of services without permanent establishment must also appoint a representative to Sepblac who may be non-resident in Spain.
In the case of individual entrepreneurs or professionals, the owner of the business shall act as representative to Sepblac.
In groups integrating several obliged subjects, the representative shall be unique and hold an administration or management position in the parent company of the group.
The proposal of appointment of the representative accompanied by a detailed description of their professional background, shall be sent to Sepblac, which may make grounded objections or observations.
The representative to Sepblac is responsible for the fulfilment of the reporting obligations set out in Law 10/2010 of 28 April, for which (s)he shall have unlimited access to any information in the possession of the obliged person as well as, where appropriate, in any of the entities of the group.
- Attention! The appointment of a representative to Sepblac ought not to be confused with the appointment of the legal representative of a company, although they may be coincident since Law 10/2010 of 28 April indicates that the representative to the Sepblac must be a director or senior manager of the obliged subject.
Target audience
Natural or legal persons holding the status of obliged subject in the terms set forth in article 2 of Lay 10/2010 of 28 April.
Notwithstanding the above, in accordance with established in article 31.1 of Regulation of Law 10/2010 of 28 April, approved by Royal Decree 304/2014 of 5 May, 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, will be exempted from this obligation. This exception does not apply to obliged subjects who are part of a business group that exceeds these figures.
Likewise, it is reminded that obliged subjects listed in article 2.1 (v) to (y) both inclusive, of Law 10/2010 of 28 April are only subject to the obligations on prevention of money laundering and terrorist financing referred to in the aforementioned article of the law and its regulations.
Finally, it is reminded that notaries and land, commercial and moveable property registrars must join their respective Centralized Prevention Bodies (CPB). Consequently, they have no need for appointing a representative to Sepblac, since the representative of the CPB shall be considered as the representative of all its professional members.
Process
In person / By post
Obliged subjects wishing to submit a proposal of appointment of a representative to Sepblac should send the following documentation in hard copy with neither staples nor binds:
- Form F22 “Propuesta de nombramiento de representante“ duly completed and signed by the person accrediting the points indicated in the following point.
A non-editable unofficial translation of form F22 for information purposes only can be downloaded by clicking here.
Please note that the Spanish version above must be used instead.
- Documentation accrediting that the proposed representative to Sepblac has been appointed by the management body of the obliged subject, that is, a certification of the agreement made by the board of directors of the obliged subject or equivalent.
Attention! The requested documentation must explicitly certify the appointment of the proposed person as “representative to Sepblac” by means of a record of the meeting in which the agreement was made or by means of a certificate from the management body.
In any case, these are private documents with no need of notarization and in which the appointment as “representative to Sepblac” must be expressly mentioned.
Under no circumstances neither deeds of the constitution nor of the appointment of legal representatives of obliged subjects must be submitted to the Executive Service of the Commission.
- Documentation sufficiently accrediting the signature of the person proposed as representative (e.g. copy of a valid id).
- Documentation including a detailed description of the proposed representative professional career (e.g., c.v.).
In the case of individual entrepreneurs or professionals, the owner of the business shall necessarily act as representative to Sepblac. The proposal of appointment of a representative to Sepblac shall thus contain the following documentation:
- Form F22 “Propuesta de nombramiento de representante“ duly completed and signed by the owner of the business.
- Documentation sufficiently accrediting the signature of the owner of the business (e.g. copy of a valid id).
The required documentation must be submitted in hard copy to the following address:
Sepblac
Calle Alcalá, 48
28014 Madrid Spain
Alternatively, these documents can be directly presented to the General Registry of the Bank of Spain, located in the aforementioned address.
Submission deadline
Without prejudice to the exceptions foreseen for those obliged subjects not having to appoint a representative to Sepblac, immediately since the condition of obliged subject be held.
