Anti-Money Laundering Prevention: Positive Impact

European and Spanish regulations aim to combat fraud and money laundering to prevent illicit money from gaining legal appearance. This has been articulated especially through the Anti-Money Laundering Prevention Plan, which contains multiple measures that companies and businesses must adopt.

Anti-Money Laundering Prevention

Who is obliged to comply with the regulations?

  • Financial obliged entities: Banks, Insurance companies, Securities agencies, Fund managers, Currency exchange and transfer managers, Credit card issuers.
  • Non-financial obliged entities: Real estate agencies, Auditors, Accountants and tax advisors, Notaries and registrars, Lawyers and solicitors, Jewelers, Art dealers, Foundations and associations.

What actions should you take to comply with the regulations?

  • Conduct a preliminary analysis of the situation.
  • Appoint the representative person before the SEPBLAC.
  • Create and establish the Internal Control Body (OCIC), if necessary.
  • Develop the Procedures Manual for Anti-Money Laundering Prevention.
  • Prepare the Annual Training Plan, if necessary.
  • Undergo an annual audit by an external expert.
  • Respond to the requests and inspections of the SEPBLAC.
  • Provide permanent advice on money laundering prevention and terrorism financing.

Benefits of the Plan: Positive Impact

  • Avoid criminal convictions and administrative penalties.
  • Improve the company’s image and reputation.
  • Strengthen the ethical image.
  • Increase the trust of suppliers and customers, and allows contracting with multinational companies and the government.
  • Ensure regulatory compliance.