Frequent asked questions

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Status of obliged subject

Obligations

Due diligence

Reporting obligations

Internal control measures

Status of obliged subject

How can I know if I hold the status of obliged subject?

Regulations on the prevention of money laundering and terrorist financing are applicable, and thus, the status of obliged subject is held by those natural or legal persons listed in paragraphs a) to y) of article 2.1 of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing.

If a legal person includes as its corporate purpose the trade of goods or the exercise of any of the activities referred to in article 2.1 of Law 10/2010 of 28 April but it does not perform it in practice, ¿is it an obliged object?

No, it is not. The status of obliged subject is only held by those persons effectively trading with goods or exercising any of the activities referred to in article 2.1 of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing.

What does it imply holding the status of obliged subject?

Holding the status of obliged subject supposes being bound to the obligations referred in chapters II, III and IV of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing, regarding due diligence, reporting obligations and internal control respectively.

Among these obligations it is, for instance, that of reporting to Sepblac those transactions regarding which there is any indication or certainty that it bears a relation to money laundering or terrorist financing, applying due diligence measures in the relations with their customers, training their employees in relation with the prevention of money laundering and terrorist financing, appointing a representative to Sepblac, etc.

Do all obliged subjects have the same obligations?

In general, yes, they do, with the exceptions provided in the Regulation of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing, approved by Royal Decree 304/2014 of 5 May.

Do foundations and associations hold the status of obliged subject?

Foundations and associations are obliged subjects of a special regime, being exclusively subject to the obligations set forth in articles 39 of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing and 42 of its Regulation, approved by Royal Decree 304/2014 of 5 May.

The supervision of fulfilment of these obligations corresponds to the Protectorate, in the case of foundations, and to the body responsible for verifying its constitution, in the case of associations. The aforementioned bodies shall reasonably inform the Secretariat of the Commission for the Prevention of Money Laundering and Monetary Infractions (CPMLMO) when they detect breaches of their obligations.

Although foundations and associations are not included in the supervisory perimeter of Sepblac, they are subject to the obligation to report to Sepblac those events that could constitute indication or evidence of money laundering or terrorist financing and submitting to Sepblac as much documentation and information as required for the exercise of its powers.

Do real estate agents hold the status of obliged subject?

Yes, they hold the status of obliged subject to Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing as far as they professionally carry out agency, commission or intermediation activities in relation to the purchase and sale of estate.

Do lottery distributors hold the status of obliged subject?

No, they do not. The status of obliged subject is held by the public business entity Sociedad Estatal de Loterías y Apuestas del Estado, which is the person responsible for the management, operation and marketing of lotteries referred to in article 2.1.u) of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing in respect of prize payment transactions.

In this case, it is applicable article 2.2. of Law 10/2010 of 28 April that provides that obliged subjects are also subject to the obligations thereunder with respect to transactions performed through agents or other persons acting as mediators or intermediaries of theirs.

Do telephone booth centers performing money transfers or migrant remittances as agents of a payment institution hold the status of obliged subject?

No, they do not. In this case, it is the payment institution that holds the status of obliged subject.

Do car or other means of transport dealers hold the status of obliged subject?

Car or other means of transport dealers can hold the status of obliged subject either because of the purchase and sale of the good or because of its financing in case they intermediate therein.

As for its purchase and sale, they hold the status of obliged subject when performing collections or payments with cash or other means of payment among those referred to in article 34.2 of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing exceeding EUR 10,000, either in one or several transactions among which there seem to be any kind of relation. Article 38 of Law 10/2010 of 28 April establishes the obligations -not all- of these obliged subjects.

In relation to this article, it must be borne in mind that the limitation on cash payments referred to in article 7 of Law 7/2012 of 29 October on the modification of tax and budget regulations and the adequacy of financial regulations for the intensification of actions in the prevention and fight against fraud came into force in November 2012.

On the other hand, in those cases in which dealers intermediate in the financing of the sale of a car or other means of transport, they would not hold the status of obliged subject. However, they would hold such status in case of intermediation in the granting of loans or credits to finance operations different from the aforementioned.

Can a community of property be an obliged subject?

In general, communities of property do not have legal personality, so, for the purposes of their status as obliged subjects, they must be considered as individual entrepreneurs.

Do non-resident persons or entities providing services in Spain with no permanent establishment hold the status of obliged subject?

They would hold the status of obliged subject only in case they perform activities in Spain. In that case, the proposed representative to Sepblac may be a non-resident person.

How can obliged subjects notify any change in their details initially provided to Sepblac?

Any modification that an obliged subject wishes to communicate with respect to its details initially provided to Sepblac must be done by submitting the relevant form F22 or F22-6, available at Obliged subjects > Formalities > Proposal of appointment of a representative to Sepblac or by clicking here and Obliged subjects > Formalities > Communication of authorized persons by the representative or by clicking here, respectively.

Must obliged subjects ceasing its activity communicate this fact to Sepblac?

Obliged subjects must communicate by writing to Sepblac, the cessation of their representative and, where appropriate, authorized persons, indicating the reason for the cessation. The document, once signed by the relevant person, should be submitted to the following address:

Sepblac
Cl. Alcalá, 48
28014 Madrid Spain

Obligations

Due diligence

Why does my financial institution request certain additional documentation (payroll, tax return, etc.)?

Financial institutions are bound by Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing to obtain documentation from their clients, and to establish stricter requisites according to the risk they appreciate in their clients. It is the responsibility of the financial institution to define the documents that must be requested and to whom they must be requested.

Under no circumstances does Sepblac establish the obligation to request specific documents from specific clients.

Why does my financial institution restrict my operations?

Financial institutions must apply the restrictions they deem appropriate to fulfil with the obligations established in Law 10/2010 of 28 April on the prevention of money laundering and the terrorist financing. However, under no circumstances does Sepblac prohibit or authorize transactions by specific clients.

Reporting obligations

What transactions must obliged subjects report to Sepblac?

Reporting obligations by obliged subjects are detailed in Chapter III of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing (articles 17 to 25).

In general, transactions to be reported can be classify into suspicious transactions reporting and systematic reporting:

  • Suspicious transactions reporting: Obliged subjects that, after carrying out the special review referred to in article 17 of Law 10/2010 of 28 April, conclude that, with respect to any event or transaction, there is any indication or certainty that it bears a relation to money laundering or terrorist financing, shall submit to Sepblac, according with the provisions of article 18 of the foregoing law, a suspicious transaction report. The structure that this communication must have is detailed in form F19-1, available at Obliged subjects > Formalities > Suspicious transactions reporting or by clicking here.

Without prejudice to stated in the following point, when an obliged subject does not submit any suspicious transaction report because of the lack of facts or transactions with indication or certainty of being related to money laundering or terrorist financing, it will not be necessary to send any kind of negative report.

  • Systematic reporting: obliged subjects included in paragraphs a) to i), of article 2.1 of Law 10/2010 of 28 April, insurance brokers referred to in paragraph b) and financial advisory companies excepted, must fulfil with the obligation of systematic reporting referred to in Article 20 of the foregoing law. This communication consists of the monthly report to Sepblac of the transactions referred to in letters a) to f) of article 27.1 of the Regulation of Law 10/2010 of 28 April, approved by Royal Decree 304/2014 of 5 May.

However, according to the Second Transitional Provision of the Regulation of Law 10/2010 of 28 April, systematic reporting of transactions referred to in letters e) and f) of article 27.1 will be required as from the date determined by Sepblac, which will also determine the form and content of those reports.

How must systematic reporting be done?

Systematic reporting referred to in article 20 of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing must be exclusively done by electronic means through the DMO software.

How can I get the DMO software?

The DMO software is available for download from the section Obliged subjects of this website or by clicking here.

Where can I find the instructions to install the DMO software and fill in and submit the monthly transactions report?

The installation manual and the user’s guide of the DMO software, as well as the Instruction on the type of transactions to be reported, are available at the section Obliged subjects of this website or by clicking here.

When must monthly transactions reports be submitted?

Positive and movements reports and instalments must be submitted during the first fortnight of each month, with respect to the transactions referred to the previous month.

What email address must electronic reports be submitted to?

Transactions reports submitted after the deadline mentioned in the previous point must be sent to the email address reporting@bde.es.

Internal control measures

What requisites must people to be appointed as representative to Sepblac meet?

Spanish obliged subjects and branches in Spain of foreign obliged subjects must appoint as representative to Sepblac a director or senior manager residing in Spain. 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.

In the case of individual entrepreneurs or professionals, the owner of the business shall act as representative to Sepblac.

Obliged subjects whose central administration be in another Member State of the European Union and that carry 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 neither resident in Spain nor a director or senior manager of the obliged subject.

The following Table 1 summarizes all requisites that people to be appointed as representative to Sepblac must meet:

Table 1. Requisites of representatives to Sepblac.
Administration or management position Residence in Spain
Spanish obliged subjects Mandatory Mandatory
Branches in Spain of foreign obliged subjects Mandatory Mandatory
EU obliged subjects with permanent establishment in Spain other than a branch (e.g. through an agent or an agents network) Not mandatory Mandatory
EU obliged subjects with without permanent establishment (free provision of services) Not mandatory Not mandatory

With the exceptions determined in the regulations, 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.

How must the appointment of a representative be communicated to Sepblac?

By submitting a proposal of appointment that shall include, for each obliged subject, the following documents:

  • Form F22 “Propuesta de nombramiento de representante” signed by the person accrediting the points indicated in the following point.
  • Documentation accrediting that the representative to Sepblac has been appointed by the management body of the obliged subject (a certification of the agreement made by the board of directors or equivalent).
  • 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. In this case, the proposal of appointment of a representative to Sepblac shall only 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).

Form F22 “Propuesta de nombramiento de representante” is available for download at Obliged subjects > Formalities > Proposal of appointment of a representative to Sepblac or by clicking here.

Can the representative to Sepblac designate authorized persons?

The representative to Sepblac may authorize or empower up to two persons to act on their behalf before Sepblac, assuming, in any case, that any action of those persons will be understood as done by the representative him or herself, with both internal and external purposes.

In order to designate authorized persons, the representative to Sepblac shall communicate the identity of the persons to whom those powers are conferred up to a maximum of two persons for obliged subject, who, likewise, shall communicate their acceptance.

For that purpose, for each obliged subject and for each authorized or empowered person, a form 22-6 “Comunicación de persona autorizada” duly completed and signed by both the representative and the authorized person, shall be submitted to Sepblac.

The authorization will be exclusively extended to the scope indicated above and will last indefinitely. Its revocation or termination for any reason will be immediately communicated to Sepblac by means of a written signed by the representative, taking effect from its reception by the aforementioned institution.

Form F22-6 “Comunicación de persona autorizada” is available for download at Obliged subjects > Formalities > Communication of authorized persons by the representative or by clicking here.

Where can forms F22 “Propuesta de nombramiento de representante” and F22-6 “Comunicación de persona autorizada” be found?

Both forms can be downloaded from the website of Sepblac, at Obliged subjects > Formalities > Proposal of appointment of a representative to Sepblac or by clicking here and Obliged subjects > Formalities > Communication of authorized persons by the representative or by clicking here, respectively.

Where must forms F22 “Propuesta de nombramiento de representante” and F22-6 “Comunicación de persona autorizada” be submitted?

Once duly completed and signed, the forms, along with the rest of documents required in each case, shall 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.

Is it necessary to send to Sepblac any copy of the deeds of constitution or of appointment of the legal representative of the obliged subject?

No, it is not. The management body of the obligated subject, when applicable, must designate the 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 Sepblac.

 Is it obligatory to communicate to Sepblac the composition of the Internal Compliance Committee (ICC)?

It’s not mandatory.

Must the manual for the prevention of money laundering and terrorist financing be sent to Sepblac?

The prevention manual must not be sent. It should only be available to Sepblac for the exercise of its supervision and inspection functions.

What obligations do obliged subjects have in terms of training?

Obliged subjects must ensure that their employees know the obligations provided by Law 10/2010 of 28 April. The Law establishes that the Internal Compliance Committee (ICC) must approve an annual training plan and that the participation of employees in training courses must be accredited.

The law neither require that these courses be contracted externally nor specify who should provide them. Nor does it establish any criteria for homologation or validation of those training programs.