Obliged Entities
Find out whether your activity falls under Spain's Law 10/2010 on the prevention of money laundering, and what obligations and penalties it carries.
Article 2.1 of Law 10/2010, of 28 April, on the prevention of money laundering and terrorist financing, lists, in paragraphs a) to y), the individuals and legal entities considered obliged entities under Spanish law. The main categories are:
Breaching the obligations set out in Law 10/2010 triggers administrative penalties. Infringements are classified into three tiers of severity: very serious (muy graves), serious (graves) and minor (leves), each carrying different consequences:
Very serious — a fine ranging from €150,000 up to the greater of: 10% of annual turnover, twice the economic value of the transaction, five times the profit obtained from the infringement, or €10,000,000. This is accompanied by a public reprimand or, for authorised entities, suspension or revocation of authorisation. Responsible directors and managers may face fines of €60,000 to €10,000,000, together with removal from office and disqualification for up to 10 years.
Serious — a fine ranging from €60,000 up to the greater of: 10% of turnover, the economic value of the transaction plus 50%, three times the profit obtained, or €5,000,000. Responsible directors may face fines of €3,000 to €5,000,000 and disqualification for up to 5 years. Failing to carry out the mandatory annual external audit is, by itself, classified as a serious infringement.
Minor — a private reprimand and/or a fine of up to €60,000.
Need help?
We review your activity, confirm whether you are an obliged entity, and support you in meeting every legal requirement that follows.
Check my situation