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Parties subject to the regulations on the prevention of money laundering and terrorist financing by sector or group of activity.
Parties subject to the regulations on the prevention of money laundering and terrorist financing by sector or group of activity.
The basic regulations governing the prevention of money laundering and terrorist financing in Spain consist of two fundamental pillars: Law 10/2010, of 28 April, on the prevention of money laundering and terrorist financing, and Royal Decree 304/2014, of 5 May, which approves the Regulation of Law 10/2010.
The fundamental purpose of this legislation on the prevention of money laundering and terrorist financing is to safeguard the integrity of the socio-economic order. To achieve this objective, obligations and responsibilities are imposed on regulated entities, which are obliged to take strict precautions in their operations. They must perform a financial supervision and surveillance function, which involves detecting, assessing and, where appropriate, reporting suspicious transactions. In addition, Law 2/2023 of 20 February, which regulates the protection of persons who report regulatory infringements and the fight against corruption, has further reinforced these obligations by establishing a whistleblowing channel for cases of serious, very serious administrative infringements and offences. This means that any person who, in a professional context, obtains information about possible infringements can anonymously bring it to the attention of the competent authorities.
All these mandatory regulations imply an effort in terms of resources, human and technical resources, although it is true that the obliged parties may delegate management to third parties to ensure compliance with the regulations, given that they will also be obliged parties in the regulations for the prevention of money laundering and terrorist financing.
Which sectors or groups of activity are obliged to prevent money laundering and terrorist financing?
Article 2 of this Law covers a wide range of actors, grouped by sector:
1. Financial and insurance companies.
2. Professionals (consultants, auditors, brokers, lawyers, notaries, etc.).
3. Traders (jewellery, antiques, animals, trees, stamps…).
4. Fund movements.
5. Real estate sector (developers, agencies, commission agents or mediators…).
6. Game-related activities.
7. Other regulated entities (foundations, associations, authorities, and public officials).
8. All individuals who carry out cash movements of more than €100,000 on national territory or €10,000 across borders.
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