Spain. Anti-Money Laundering

The Spanish anti-money laundering (AML) regulations originate directly from the EU legislation in this area, which in turn is strongly influenced by the guidance published by the Financial Action Task Force (FATF). The Spanish regulations do, however, differ in some important aspects, many of which are discussed in this chapter.

The main Spanish administrative body with responsibility for AML matters is the Commission for the Prevention of Money Laundering and Monetary Offences (the Commission). Another administrative body, SEPBLAC,[2] which is attached to the Commission, handles supervision and inspections. The intense activity of the Commission and SEPBLAC means that the Spanish AML system is characterised by a high level of enforcement. This is reflected in an increase in sanctioning activity by the Spanish authorities, both in terms of the number of proceedings initiated and the amount of fines imposed.

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