Recommendations

Recommendations regarding internal control measures and catalogues of risk transactions intended for those obliged subjects referred to in Law 10/2010 of 28 April.

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Recommendations on internal control

In order to make easier for obliged subjects the compliance with the obligations referred to in articles 26, 26 bis and 26 ter and within the framework set out in article 45.4 (g) of Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing, Sepblac has prepare a document of recommendations on internal control measures.

Likewise, in accordance with the document of recommendations on internal control, Sepblac has prepared a self-assessment form pattern on the system of prevention of money laundering and terrorist financing which, as in the case of the recommendations document, obligated subjects must adapt to the circumstances of their business and the risk of it.

The recommendations document and the self-assessment form pattern on the system of prevention are not a regulation in the strict sense. Obliged subjects must consequently adapt its content to their particular circumstances.

Catalogues of risk transactions

Law 10/2010 of 28 April imposes to obliged subjects the legal duty to comply with a series of obligations on the prevention of money laundering and terrorist financing as outlined in the law and its implementing regulations.

Among these obligations, Article 17 of Law 10/2010 of 28 April states that obliged subjects must closely examine any act or transaction, regardless of the amount, which, due to its nature, may be related to money laundering or terrorist financing, preparing a written report of the examination results. In particular, obliged subjects shall closely examine any transaction or pattern of behaviour that is complex, unusual or does not have an apparent economic or lawful purpose, or shows signs of fraud or simulation.

This legal obligation also implies that obliged subjects, by establishing the internal control measures referred to in articles 26, 26 bis and 26 ter, must define the manner of fulfilment of this duty of special examination including the preparation of a list of transactions likely to be related to money laundering or terrorist financing, and shall ensure its dissemination among its managers, employees and agents, as well as its periodic review.

Therefore, in order to make it easier to comply with this obligation, the Commission for the Prevention of Money Laundering and Monetary Offences, in the exercise of its functions and in collaboration with some obliged subjects associations, has prepared this sample catalogues of risk transactions, which examples of transactions that may be linked to money laundering and terrorist financing.

These catalogues of risk transactions are not complete lists with all cases of risk transactions possibly linked to money laundering and terrorist financing. It is the duty of obliged subjects to develop its own list of transactions adapted to its experience and risk assessment. The guidelines of this catalogues are designed to assist and guide obliged subjects towards compliance.