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External Expert Report

An External Expert Report on Money Laundering Prevention (AML) is not only a legal obligation, but also a strategic tool to protect your business.

This independent analysis evaluates the effectiveness of your company's internal controls, identifies vulnerabilities and proposes specific improvements to minimize risks. With this report, your organization can comply with AML regulations, avoid penalties and reinforce its reputation as an entity committed to transparency and financial security - the first step to operating with confidence and peace of mind!

What is an External Expert Report on Money Laundering Prevention?

An External Expert Report on the Prevention of Money Laundering (PBC) is a document prepared by an independent professional that evaluates the degree of compliance of an entity with its legal obligations regarding the prevention of Money Laundering and Terrorist Financing (AML). This report is mandatory for certain companies and professionals subject to the Law, and aims to identify deficiencies in internal procedures and controls to ensure their adequacy and effectiveness.

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Applicable legislation in Spain

The obligation to have such a report is established in the Law 10/2010, of April 28, 2010, on the Prevention of Money Laundering and Terrorist Financing and in its regulatory development, the Royal Decree 304/2014, of May 5, 2014, which approves the Regulations of the Law.

Relevant articles:

Article 28 of Law 10/2010The law establishes that regulated entities must carry out a periodic external review of their internal systems and controls for the prevention of money laundering and terrorist financing.
Article 35 of Royal Decree 304/2014: Details the requirements of the external expert's report, indicating what it should include:
- An independent and objective review.
- An analysis of compliance with regulatory obligations.
- Recommendations to correct possible deficiencies.

Periodicity

The report should be made, as a general rule, every three years. three yearsalthough it may be more frequent if so established by the regulatory authorities or if business circumstances so require.

Obligated parties

The report is mandatory for:

Financial institutions, such as banks and investment services companies.
Non-financial subjects, such as lawyers, notaries, real estate developers, auditors, accountants and traders of high-value assets.

Contents of the report

The report should include:

Risk assessmentAnalysis of the risks inherent to the entity's activity.
Regulatory complianceReview of procedures, internal controls and their compliance with current regulations.
Identification of deficienciesAspects to be improved to ensure compliance.
RecommendationsProposals for improvement to remedy the deficiencies detected.
Conclusions: Summary of the entity's level of compliance.

Importance of the report

The External Expert Report is essential for:

Demonstrate to the competent authorities the entity's commitment to regulatory compliance.
Identify areas for improvement in internal controls.
Avoid penalties for non-compliance with AML regulations.

Compliance with this obligation strengthens the position of the entities in the fight against money laundering and the financing of terrorism, contributing to the integrity of the financial and business system in Spain.

Obligations

The new obligations established by Law 10/2010, of April 28, 2010, are part of the control of money laundering and terrorist financing operations and are independent of the size of the company. It will be mandatory for all companies to comply with the following requirements:

Approve and keep in writing, in a manual for the prevention of money laundering and financing of terrorism, the policies and procedures to be used in an appropriate manner to comply with the diligence. This manual must be kept up to date.
They shall establish adequate internal control and communication procedures and bodies to know, prevent and impede the performance of operations related to money laundering.
Application of a customer admission policy and formal identification of the natural or legal person carrying out the operation.
Special examination of unusual behavior and complex operations that may be related to money laundering or terrorist financing.
Obligation to report indications of money laundering to the Prevention Commission and the Executive Service for the Prevention of Money Laundering(Sepblac).
Refrain from transactions that they consider suspicious of money laundering.
Prohibition of disclosure of the communication of the indication of money laundering to third parties.
Obligation to keep for 10 years all documentation that may give rise to a money laundering operation.
Apply continuous monitoring measures to the business relationship to ensure that the documents, data and information available are up to date.
Commission an annual review by an expert on internal control and communication procedures and bodies, keeping the reports of this review for 5 years.
Train your personnel to prevent Money Laundering.
Comply with the Data Protection regulations in the processing of personal data, in the files, automated or not, created to meet these requirements.