In order to protect the integrity of the financial system and other sectors of economic activity, the 4th European Directive 2005/60/EC from October 26th on Anti-Money Laundering and Financial Sanctions (Spanish Act. 10/2010) identifies companies and self-employed professionals obligated to set up strict measures for the monitoring and control the activity of clients and prospects before starting a business relationship, with the object to enforce the regulatory requirements.
In the same way, as international reference or as a requirement to operate with US, Treasury Department policies, through OFAC (Office of Foreign Asset Control), establish own Anti-Money Laundering and Financial Sanction procedures.
Non-compliance these requirements may lead, in Spain, important sanctions by Anti-Money Laundering Commission. The civil penalties and criminal offences could be greater than 1.5 million of euros and, also, company can be punished with the withdrawal of license to operate, with an important reputation risk to make business in the future. In US, The civil penalties and criminal offences can mean the impossibility to operate in its territory and with its companies and institutions.