Ir al contenido / Skip to content

News: Reform of capital laundering prevention

Last January 16, the deadline for submitting allegations to the draft Law on the Reform of Law 10/2010 and the

Last January 16, the deadline for submitting allegations to the draft Law on the Reform of Law 10/2010 and the Royal Decree Reform Decree of the PBC-FT Regulation closed.

The reform of the law and the prevention of the capital laundering and the financing of terrorism is being processed at this time by the Ministry of Economy and Competitiveness.

Among the main change, is the appearance of the term “private banking”, which catalogs as high -risk activity.

1. Functional Definition of Private Banking

With the new reform, what we understood as “private banking” extends to more actors than the financial entities themselves.

Now, private banking services are now not exclusive competence of entities that have bank license . Now, these services, depending on the type of activity, can be carried out by other types of financial entities.

2. Private Banking Services

The capital laundering prevention law provides a limited definition of the private banking services . In this sense, the advisory services on investment of recurrent and non -occasional and discretionary management of portfolios, referring to large assets, regardless of the category of obligatory subject to provide them, are understood as such.

3. Operations registration

In reference to the information, the obligation of the need to have a book of operations registration is stipulated that is strictly reviewed by the corresponding entities. In the event of a future action in charge of inspector agencies, this operations record would facilitate said review.

4. Improvement of management systems

The systems for the management of the intervened and deposited funds have been improved in the accounts of the Capital Blankeo Prevention Commission and monetary infractions in the Bank of Spain.

5. Greater control in risk analysis

More exhaustive competences are established in relation to risk analysis and data processing. The new law will detail all these terms, given its little precision at this time.

6. business relationships

The reform indicates the prohibition of maintaining business relations with those legal persons whose control structure has not been previously examined. Likewise, the obliged subjects will not establish such business relations or other operations when the diligence measures stipulated by this law cannot be executed.

In case of not establishing business relationships or given the refusal to execute operations or the termination of one of these due to impossibility of applying the planned diligence measures, it will not apply, unless medie unjust enrichment, any kind of responsibility for the subjects forced.

Verum Management informs you about all the news and reforms in fiscal, tax and accounting matters. For any consultation about any of these modifications, our technical team is at your disposal in

Share article:

Subscribe to our newsletter.

*Campos obligatorios / Required fields

Articles that may interest you: