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Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing imposes certain reporting obligations to obliged subjects
Obliged subjects shall pay special attention to any event or transaction, regardless of its size, which, by its nature, could be related to money laundering or terrorist financing, and record the results of their analysis in writing.
What obliged subjects are due to determine by the corresponding special review is whether any sing of money laundering or terrorist financing is present at any detected transaction. Obliged subjects shall particularly report to Sepblac those transactions revealing an obvious inconsistency with the nature, volume of activity or customer operating history, provided that after the special review, have no economic, professional or business appreciable justification for the execution of those transactions.
Thus, it could happen that, once the special review of specific transactions be completed, obliged subjects conclude that there is no sing of money laundering or terrorist financing. In that case, transactions shall not be reported to Sepblac.
Suspicious transactions reporting
Obliged subjects shall, on their own initiative, notify Sepblac of any act or transaction, even the mere attempt, regarding which, following the structured special review referred to in article 17 of Law 10/2010 of 28 April, there is any indication or certainty that it bears a relation to money laundering or terrorist financing.
In accordance with article 18 of Law 10/2010 of 28 April, suspicious transactions reporting shall be made with no delay. In general, suspicious transactions reports must be made in hard copy by submitting form F19-1 to Sepblac. Nevertheless, credit institutions and their branches in Spain must submit their suspicious transactions reports via electronic means by using the CTL software.
The Commission for the Prevention of Money Laundering and Monetary Offences (CPBCIM for its initials in Spanish), in collaboration with some obliged subjects associations and in order to make it easier for these entities to comply with this suspicious transactions reporting obligation, has prepared some catalogues of risk transactions which list examples of transactions that may be linked to money laundering and terrorist financing.
These catalogues are available at the Publications section of this website or by clicking here.
Without prejudice to the provisions applicable to those transactions subject to suspicious reporting, certain categories of obliged subjects must report on a monthly basis to Sepblac those transactions referred to in the Regulation of Law 10/2010 of 28 April, approved by Royal Decree 304/2014 of 5 May.
In case of no transaction requiring systematic reporting, obliged subjects shall notify this fact to Sepblac on a semi-annual basis.
Systematic reporting must be done via electronic means by the use of the DMO software. Notwithstanding the foregoing, in accordance with the Regulation of Law 10/2010 of 28 April, insurance brokers, financial advisory companies and obliged subjects referred to in paragraphs (k) to (y), both inclusive, of article 2.1 of the law are exempted from the obligation of systematic reporting.
Cooperation with the CPMLMO
Obliged subjects must supply the documentation and information required of them by the Commission for the Prevention of Money Laundering and Monetary Offences (CPMLMO) and its support bodies, Sepblac included, in the exercise of their powers. The aforementioned requirements shall specify the documentation to be supplied or the circumstances that have to be reported, and shall expressly state the term in which these should be presented.