Due diligence

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Due diligence obligations aim the identification and knowledge of those natural or legal persons pretending to establish a business relationship with obliged subjects.

Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing and its Regulation, approved by Royal Decree 304/2014 of 5 May, provide, depending on the risk, different levels of application of due diligence measures.

Normal due diligence measures

Without prejudice to the provisions of Law 10/2010 of 28 April and its Regulation, normal due intelligence measures require the identification by obliged subjects of those intending to enter into business relationships or to act in any transaction.

Likewise, obliged subjects must identify the beneficial owner and take appropriate steps to verify the identity of the latter before entering into business relationships or executing any transactions.

Obliged subjects must, in addition, obtain information and conduct ongoing monitoring on the purpose and intended nature of the business relationship with their clients including scrutiny of transactions undertaken throughout the course of that relationship

Simplified due diligence

Obliged subjects may apply, in the terms established in articles 9 and 10 of Law 10/2010 of 28 April, simplified due diligence measures with respect to those customers, products or transactions that involve a low risk of money laundering or terrorist financing.

Enhanced due diligence measures

In addition to the normal due diligence measures, obliged subjects must apply enhanced measures in those cases provided in Section 3 of Chapter II of Law 10/2010 of 28 April and those established in its Regulation.

In general terms, enhanced due diligence measures must be applied in relation to countries with strategic deficiencies in their systems for combating money laundering and terrorist financing and that are included in the decision adopted by the European Commission in accordance with the provisions of article 9 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015.

Likewise, obliged subjects shall apply enhanced due diligence measures in those areas of business, activities, products, services, distribution or marketing channels, business relationships, clients and transactions with a high risk of money laundering or terrorist financing.

Authorization of identification procedures

Article 21.1.d) of the Regulation of Law 10/2010 of 28 April, approved by Royal Decree 304/2014 of 5 May, rules that obliged subjects may establish business relationships or perform transactions via telephone, electronic or telematic means with customers who are not physically present, when the customer’s identity be evidenced by secure procedures for customer identification in remote transactions, provided that such procedures have been previously authorized by Sepblac.

In accordance with this authorization, Sepblac has established a series of minimum specifications regarding the following procedures for identifying customers in remote transactions:

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