Audit in prevention of money laundering
The entities that engage in the activities listed in article 2.1 of Law 10/2010, of April 28, must undergo an annual examination by an external expert of the organs and procedures related to the prevention of money laundering and financing of terrorism that they have established.
These audits must be carried out by professional experts who accredit adequate training and professional experience, and who are also registered in the registry maintained by the SEPBLAC (Executive Service for the Prevention of Money Laundering and Monetary Infractions). Our auditors are registered in the Special Registry of External Experts of SEPBLAC since 2010. They also appear in the Special Registry of External Experts of INBLAC, the main Association of professionals in the prevention of money laundering.
In PBK Asesores we have designed procedures that allow an analysis of the systems of prevention of money laundering and blocking of terrorist financing implemented by the entity, which comply with the requirements established in Ministerial Order EHA / 2444/2007, of July 31, which is the norm that establishes the structure to which the written report of the external expert has to adjust, and specifies the minimum aspects that must be contemplated by them. In recent years we have carried out more than 450 external audits in prevention of money laundering and prevention and blocking of the financing of terrorism, to entities from various sectors.
Law 10/2010 establishes sanctions for the subjects liable for the infractions committed. Failure to perform an annual examination of the organs and procedures in the area of prevention of money laundering by an external expert is classified as a serious offense with the penalty of a fine, of a minimum amount of 60,001 euros and the maximum amount may rise to one percent (1%) of the entity's own resources.
In addition to the sanction that must be imposed on the party liable for the commission of serious infringements of legislation on the prevention of money laundering and financing of terrorism, a penalty may be imposed on those who, in administrative or management positions, are responsible for the infringement, consisting of a fine to each of them for a minimum amount of 3,000 euros and a maximum of up to 60,000 euros.
In both cases, the pecuniary sanctions will be obligatory, and must be accompanied by a private reprimand or a public warning, which implies its publication in the B.O.E.
The obliged subjects included in article 2.1 i) to u), both inclusive, which, including the agents, occupy less than 10 people and whose annual turnover and whose annual general balance does not exceed 2 million euros, remain excepted from the obligation to carry out the annual review by an external expert of the bodies and procedures related to the prevention of money laundering and financing of terrorism. This exception will not be applicable to the obligated subjects integrated in a business group that exceeds these figures.