Check whether or not it is outside the norm
As we anticipated in our previous article on Money Laundering, obligations, and sanctions on the 13th, Law 10/2010 of April 28, on the Prevention of Money Laundering and the Financing of Terrorism, establishes a series of measures to combat fraud (due diligence, information, and internal control measures) that the "obligated entities" must comply with under penalty of significant financial sanctions. Article 2 of the aforementioned Law defines who these entities are, and they are as follows:
a) Credit institutions.
b) Insurance entities authorized to operate in the life insurance sector and insurance brokers when acting in relation to life insurance or other investment-related services, with the exceptions established by regulation.
c) Investment services companies.
d) Management companies of collective investment institutions and investment companies whose management is not entrusted to a management company.
e) Pension fund management entities.
f) Management companies of venture capital entities and venture capital companies whose management is not entrusted to a management company.
g) Mutual guarantee societies.
h) Payment institutions.
i) Persons who professionally engage in currency exchange activities.
j) Postal services with respect to money order or transfer activities.
k) Persons professionally engaged in intermediation in the granting of loans or credits, as well as persons who, without having obtained authorization as financial credit establishments, professionally carry out any of the activities referred to in the First Additional Provision of Law 3/1994, of April 14, which adapts Spanish legislation on Credit Entities to the Second Banking Coordination Directive and introduces other modifications relating to the Financial System.
l) Real estate developers and those who professionally carry out agency, commission or intermediation activities in the purchase and sale of real estate.
m) Auditors, external accountants or tax advisors.
n) Notaries and registrars of property, commercial and movable property.
(n) Lawyers, solicitors or other independent professionals when they participate in the conception, execution or advice of operations on behalf of clients relating to the purchase and sale of real estate or commercial entities, the management of funds, securities or other assets, the opening or management of current accounts, savings accounts or securities accounts, the organization of the contributions necessary for the creation, operation or management of companies or the creation, operation or management of trusts, companies or similar structures, or when they act on behalf of clients in any financial or real estate transaction.
o) Persons who, in a professional capacity and in accordance with the specific regulations applicable in each case, provide the following services to third parties: forming companies or other legal entities; performing management or secretarial functions of a company, partner of an association or similar functions in relation to other legal entities or arranging for another person to perform such functions; providing a registered office or a commercial, postal, administrative address and other related services to a company, an association or any other legal instrument or person; performing the functions of a trustee in an express trust or similar legal instrument or arranging for another person to perform such functions; or performing the functions of a shareholder on behalf of another person, except for companies listed on a regulated market and subject to information requirements in accordance with Community law or equivalent international standards, or arranging for another person to perform such functions.
p) Gambling casinos.
q) Persons who trade professionally in jewelry, precious stones or metals.
r) Persons who trade professionally in works of art or antiques.
s) Persons who professionally carry out the activities referred to in Article 1 of Law 43/2007, of December 13, on the protection of consumers in the contracting of goods with an offer of price restitution.
t) Persons who carry out activities of deposit, custody or professional transport of funds or means of payment.
u) Persons responsible for the management, operation and marketing of lotteries or other games of chance with respect to prize payment operations.
v) Natural persons who carry out movements of means of payment.
w) Persons who trade professionally in goods.
x) Foundations and associations.
(y) Managers of payment systems and clearing and settlement of securities and derivative financial products, as well as managers of credit or debit cards issued by other entities.
Therefore, if you fall under any of the categories included in the list provided here, you are subject to compliance with the regulation and must have a system in place in your business to prevent money laundering and the financing of terrorism.
Are you legally obligated but not yet compliant? Take advantage of our services. At Àmbit Jurídic I Econòmic, SLP, we've developed the best program for your company. Request a free quote today.
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Olga Garcia
Lawyer
Civil/Criminal Area
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A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.
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