Law 10/2010, of April 28, 2010, establishes the bases for the prevention of Money Laundering and Terrorist Financing in Spain. This regulation obliges companies in various sectors to adopt specific measures to protect their operations and avoid legal sanctions. Here are the main aspects you should take into account to ensure compliance and strengthen your position against financial risks.
Customer identification and verification
Before entering into a business relationship or transaction, it is essential:
- Identify customers and verify their identity.
- Determine the actual holder of the funds.
- Retain documentation to support this information.
Due diligence measures
Companies should apply measures proportional to the risk associated with each customer or transaction, such as:
- Obtain information about the purpose of the business relationship.
- Continuous monitoring of operations to detect anomalies.
3. Conservation of documents
All information related to customer identification and transactions must be retained for at least ten years to ensure its availability in case of inspections or investigations.
4. Reporting suspicious transactions
Any transaction that may be linked to money laundering or terrorist financing must be reported to SEPBLAC (Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias).
5. Internal policies and procedures
It is mandatory to implement clear policies and specific procedures that include:
- Appoint a representative before SEPBLAC.
- Create a prevention manual adapted to the regulations.
- Conduct periodic internal audits to evaluate the effectiveness of controls.
6. Staff training
Continuous training is key for employees to understand and correctly apply prevention measures. This strengthens internal commitment to compliance.
7. External expert review
Companies must submit their systems and procedures to a periodic evaluation by an independent expert. This report makes it possible to detect deficiencies and establish improvements to ensure the effectiveness of the prevention program.
Conclusion
Complying with Law 10/2010 not only protects your company from legal sanctions, but also reinforces your reputation and your commitment to transparency. Adopting these measures is essential to operate with confidence in an increasingly regulated environment and ensure the sustainability of your business in the face of financial risks.
Do you want to ensure that your company complies with these obligations? Contact us and find out how we can help you.
