Learn about the latest community requirements

Royal Decree 11/2018 of August 31 has introduced a series of changes in the regulations on the Prevention of Money Laundering.

This regulation transposes, in fact, "at the last minute" and despite the existence of another more recent regulation, Directive 2015/849/EU.

In this article we would like to inform you of the main new features that this standard introduces:

• The obligated parties will also include all those companies that market goods in relation to operations with non-resident individuals in which the collections or payments are made in cash (banknotes, coins, bearer bank checks,…) and for an amount greater than 10,000 euros .

• Documents formalizing the obligations contained in the law must be kept for 10 years . After 5 years from the termination of the business relationship, the documentation will only be accessible to the internal control bodies of the obligated entity

• The amounts of the highest penalties are increased , while the minimum penalties remain the same

• Publicity of the sanctions committed is emphasized (also on the Commission's website).

• A channel for reporting violations is established, both internally and to SEPLAC. The regulation also establishes a mechanism for protecting whistleblowers.

• Certain companies are required to register in the Commercial Registry as providers of services of special relevance in this area (e.g., trustees, registered office companies, etc.) and to report the operations carried out in their Annual Accounts

If you have any questions about your situation, please don't hesitate to contact us. We'd be happy to discuss your specific circumstances with you.

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Marc Ivars Iglesias

Sotsgeneral director at Àmbit Assessor

A graduate in Law and with a Master's degree in Tax and Financial Management from the University of Barcelona, ​​he also holds a Postgraduate Diploma in New Technologies Law from ESADE. He specializes in tax and corporate law.
Before joining Àmbit Assessor as manager in 1999, he worked as head of the Tax and Accounting department at the Busquets Terradellas law firm.
For years, he combined his work with teaching, serving as a professor of Public Finance and Tax Law at the Open University of Catalonia.

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