Regulated entities by Act. 10/2010 in Spain must enforce the following legal requirements:
- Certify the company in the SEPBLAC (Entity within the Bank of Spain) and appoint representative who will be responsible for the compliance of the legal requirements in the company.
- Maintain a Policy of Client Admission to identify, accept and control the activity of clients and enforce Laws and Regulations.
- Sanctions and PEPs Screening and checking their data during onboarding process, before starting a commercial relationship with them. It is mandatory to identify Politically Exposed Persons (PEPs).
- Create and update internal control protocols for the company to prevent money laundering activities.
- Register and store company documentation in electronic format and preserve during 10 years since the business relationship has been finished.
- Collaborate with SEPBLAC by communicating suspicious transactions when they had been detected.
- Provide periodic reports to SEPBLAC about the activity of the company and the compliance of legal requirements.
- Improve the compliance awareness of employees and partners.
Our AML Compliance Unit can assist you to compliance your legal requirements.
CompliOfficer can provide you a legal advisory service and design a training planning to provide employees a compliance knowledge, acquiring different legal concepts and methods to develop their work safely.