Significant penalties for non-compliance with the Law
The recent fine imposed on Banco Santander of one million Euros for violating regulations on the prevention of money laundering and the financing of terrorism has served as a warning to the long list of entities subject to Law 10/2010 of April 28, regarding the mandatory measures provided for in the same for the fight against fraud and money laundering in our country.
Thus, the regulation provides for three main types of measures to be adopted by the obliged entities, the non-observance of which may entail serious economic sanctions; (1) due diligence measures (aimed primarily at the formal and real identification of clients and the investigation and continuous monitoring of their business relationships), (2) information measures (aimed at communicating to SEPBLAC all those operations for which there are indications or suspicions that may constitute money laundering or financing of terrorist activities), and (3) internal control measures (aimed essentially at documenting risk analyses, designating and communicating internal control bodies, approving a prevention manual, carrying out an annual external review and establishing an annual employee training plan).
Notwithstanding the above, Royal Decree 304/2014 of May 5, exempts from these latter measures (internal control measures) all those obligated subjects that employ fewer than 10 people and whose turnover is less than 2 million euros.
In this sense, we can affirm that small businesses will not have to apply these measures, but they will have to apply due diligence and information measures for the prevention of money laundering.
Furthermore, obligated entities for whom the approval of an annual training plan is not mandatory must demonstrate that the representative before the Executive Service of the Commission has received adequate external training for the performance of their duties.
Therefore, if you are an obligated entity, you urgently need to include the implementation of the anti-money laundering and counter-terrorism financing system in your agenda; otherwise, you may incur infringements whose penalties include fines of up to €1,500,000.
PART II
At Àmbit Jurídic i Econòmic, SLP we will be happy to advise you and answer all your questions, as well as offer you our anti-money laundering and counter-terrorism financing system, with a completely free and no-obligation quote.
DON'T FORGET TO VISIT:
Follow all our news, and discover even more about us on our social media channels.
Do you have any questions about this topic?
Our team of expert advisors will help you resolve any issues related to our services.
Contact us now
A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.
Latest entries from MGI Àmbit
(see all)
Related
