• Prevention of Money Laundering and the Financing of Terrorism

    Compliance with the Money Laundering Prevention Law 10/2010

    At Auratech Legal, our team of expert lawyers is committed to helping you effectively comply with Law 10/2010 on the Prevention of Money Laundering and Terrorist Financing. Our legal advice service is tailored to the specific needs of each business, ensuring comprehensive and timely compliance with all current regulations.

What is the Prevention of Money Laundering?

The prevention of money laundering refers to all measures designed to prevent money laundering, a mechanism used by criminals to disguise the illicit origin of their wealth by introducing it into the legal circulation of money.

This process is intended to give the illicitly obtained money a legal appearance, hiding both the provenance of the money and the identity of the true owners of the funds.

This process is intended to give the illicitly obtained money a legal appearance

by hiding both the source of the money and the identity of the real owners of the funds.
by hiding both the origin of the money and the identity of the real owners of the funds.

Anti-Money Laundering Law 10/2010

In Spain, Law 10/2010 of 28 April establishes regulations for the **prevention of money laundering** and **terrorist financing**, transposing a European directive. This law aims to legalize the functioning of the Spanish financial system and other economic operators, preventing their use in illicit activities.

Key Changes Introduced by the Law

  • Service Providers Registry: Requires service providers to companies and trusts to register.
  • Sanctions: Sets the maximum amount for sanctions due to non-compliance with prevention obligations, increasing maximum penalties while maintaining minimum amounts.
  • Document Retention: Imposes the obligation to retain documents that prove compliance with the law for a period of ten years.
  • Whistleblowing Systems: Mandates the establishment of both public and private whistleblowing systems.
  • Uniform Application: Standardizes the regime for applying enhanced due diligence measures to all politically exposed persons, both national and foreign.

Obligated Subjects according to Law 10/2010

The obligated subjects to comply with the Law of Anti-Money Laundering are all those individuals, entities, and organizations that engage in economic and financial activities, including:

  • Credit institutions

  • Insurance companies

  • Investment services companies

  • Pension fund managers

  • Lawyers and solicitors

  • Notaries and registrars

  • Real estate

  • Insurance companies

  • Auditors

  • Tax advisors

  • Art dealers

  • Gambling casinos

  • Dealers in jewellery, precious stones or metals

  • Foundations and associations

Legal Advisory Services in Anti-Money Laundering

The legal advisory service we offer allows you to contact us at any time to resolve any doubts or inquiries that may arise. We adapt to the needs of your business, providing a personalized service while ensuring compliance with the minimum requirements set by the regulations.

Phases of Our Advisory Service

  • Response to Inquiries: We address any inquiries made by our clients, especially concerning suspicious transactions where the origin of the funds is in question.
  • Informative Bulletins: We keep our clients informed through bulletins about any relevant legislative changes or interpretations.
  • Risk Assessment: We prepare risk assessment reports and analysis of the transactions carried out.

Specific Services We Offer
To ensure that the mentioned sectors comply with the Anti-Money Laundering and Counter-Terrorism Financing regulations, Auratech provides the following services:

Preliminary Analysis of the Client’s Situation

We conduct a thorough analysis of the client’s initial situation to identify potential risks and areas for improvement in regulatory compliance.

Appointment of Representative to the SEPBLAC

We assist in the internal appointment of the person responsible for representation before the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses (SEPBLAC).

Creation of the Internal Control Body (OCIC)

We help in the creation and establishment of the Internal Control Body (OCIC), which is essential for overseeing compliance with anti-money laundering regulations.

Preparation of the Anti-Money Laundering and Counter-Terrorism Financing Procedures Manual

We prepare a detailed Procedures Manual for Anti-Money Laundering and Counter-Terrorism Financing (PBCFT), tailored to the specific needs of your business.

Annual PBCFT Training Plan

We design and implement an annual training plan specifically for PBCFT, ensuring that all employees are properly trained and aware of their responsibilities.

Annual Review by External Expert

We conduct an annual review carried out by an external expert to verify regulatory compliance and propose improvements as necessary.

Response to SEPBLAC Requirements and Inspections

We provide advice and support in responding to any requests or inspections by SEPBLAC, minimizing risks and ensuring regulatory compliance.

Ongoing PBCFT Advisory

We provide continuous advisory on Anti-Money Laundering and Counter-Terrorism Financing, keeping you informed about any relevant legislative changes or interpretations.

Whistleblower Channel Service

One of the key aspects of the anti-money laundering law is the obligation to report any suspicious transactions. To address this, having an efficient whistleblower channel is essential. Auratech offers a comprehensive whistleblower channel service, managing received communications and minimizing the impact on the organization.

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Importance of Regulatory Compliance

In all commercial activities, it is crucial to dedicate time to aspects that enable business growth. Our goal is to facilitate compliance with anti-money laundering regulations in a straightforward manner, allowing you to focus on what truly matters: the growth and development of your company.

Prevention of Money Laundering, Advantages of Choosing Us

Expert Team

We have a team of lawyers registered with SEPBLAC, highly qualified and with extensive experience in the preparation of external expert reports.

We have a team of lawyers registered with SEPBLAC, highly qualified and with extensive experience in the preparation of external expert reports.

Personalised Advice

We offer a consultancy service tailored to your specific needs, either on a one-off basis or on an ongoing basis during a project.

Prevention of Legal Consequences

We ensure that the work is carried out correctly, avoiding possible consequences of poor compliance.

Continuous updating

We keep our clients informed of any relevant legislative changes through our newsletters.

Comprehensive support

From initial assessment to implementation of procedures and inspection response, we offer comprehensive support to ensure compliance.

If you need advice on money laundering and terrorist financing prevention, do not hesitate to contact us. At Auratech Legal, we are committed to providing you with the best service and support to ensure that your business complies with all current regulations. Our team of experts is available to assist you at any time and adapt to your specific needs.

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