The B.O.E. of September 4, 2018 published the Royal Decree-Law 11/2018, of August 31, transposing various community directives, including one relating to the prevention of money laundering.
In particular, this Royal Decree-Law has transposed Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for money laundering and financing of terrorism and amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60 / EC of the European Parliament and Directive 2006/70/EC of the Permanent Commission.
Among the modifications introduced in Law 10/2010, of April 28, on the prevention of money laundering and the financing of terrorism, the following stand out:
.- Those modifications relating to the financial penalties in a broad sense. The maximum amounts are increased although the minimums are maintained, and the additional element of the anonymous publication of penalties imposed is incorporated in the event that its publication is not agreed.
.- The establishment of channels for complaint, both public, and within the scope of the subjects obliged by law.
.- The obliged persons must have specific channels for internal reporting of conduct contrary to the law or the internal procedures of the entity approved to comply with it.
.- There will be channels for reporting of potential breaches to the Administration by the obliged parties of the requirements of the administrative regulations for the prevention of money laundering and the financing of terrorism.
.- All persons with public responsibility, both national and foreign, are considered worthy of the application of the measures of due diligence in any and all events.
The Directive that has just been published highlights the following:
.- The maintenance on the website of the General Secretariat of the Treasury and International Financing of an updated list of States, territories or jurisdictions that enjoy the status of equivalence to a third country.
.- The text on the obliged persons is rewritten, highlighting the inclusion of those responsible for the management, exploitation and marketing of lotteries or other games of chance both in person and by electronic means.
.- The concept of a real holder is extended to the effects of Law 10/2010.
.- The regulation of due diligence is modified to the obliged subject when dealing with games of chance.
– The concept of cross-border banking correspondent is defined and the measures that financial entities have to establish with respect to cross-border correspondent relationships with third-country client entities are expanded.
.- The obligation to preserve documents, for these purposes, is established for a period of ten years.
.- Supervision and inspection is reviewed, which is fixed within a maximum period of one year, extendable, in certain circumstances, for six more months.
.- There is a procedure for international cooperation.
The treatment of communications and the protection of people is specifically regulated.
.- The regulation of the registry of service providers to companies and trusts is modified.
This Royal Decree-Law is a provisional norm that must be approved by the Congress of Deputies before a period of thirty business days from its publication in the B.O.E.
(1) The Congress of Deputies agreed to validate this Royal Decree-Law in its session of September 20, 218 (agreement published in the BOE of September 29, 2018).
