LPBC Consulting – Money Laundering Prevention Law

Adapt your business to the AML Law (Anti-Money Laundering Law)

If your company is among the entities obligated by Law 10/2010 on the Prevention of Money Laundering and Terrorist Financing, our consulting service will provide you with an agile and effective adaptation with the minimum necessary investment.

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Consulting firms, real estate agencies, and insurance companies are some of the obligated entities.

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Training for the representative before SEPBLAC and the business team

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Support to pass the annual external examination

LPBC Consulting – Money Laundering Prevention Law

The LPBC affects any organization linked to the financial, tax, real estate, luxury sector, foundations, associations … but also if it carries out operations of more than € 15,000.

Who is bound by the Money Laundering Prevention Law?

The LPBC indicates a long list of subjects obliged to comply with it: services of investment , insurers , merchants of jewelry or art , companies of gambling … As well as foundations Y associations .

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Those linked to the financial and real estate sector

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Those linked to the luxury sector: jewelry, art and antiques, watches, nautical ...

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Those linked to the gambling and chance sector

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Tax advisers, accountants, insurers, auditors, law firms ...

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Those who carry out operations of more than € 15,000

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Associations and foundations

These companies are obligated entities, not because they are suspected of laundering money, but because they are likely to be in contact with people who may be involved in these practices. The objective of complying with this law is to ensure that they know how to identify and are familiar with the protocols in case they detect practices related to money laundering.

You can check the full list in this link from the official website of SEPBLAC or contact us so that we can assess whether your organization is an obligated subject.

What are the penalties for violating the LPBC?

The sanctions will depend on whether the obliged subject incurs an infringement mild, severe and very severe . A breach of the due diligence obligations (prevention manual, training of your employees, etc.) will entail a sanction of between € 60,001 and € 150,000.

Sanctions (fine, suspension or reprimand) may also be imposed on the management or management positions of the obligated subjects if they were responsible for the offense.

Penalties of 150,000 to 10 million euros

  • A maximum of 10% of the annual turnover (previously it was 5%).
  • Double the amount of the transaction for which it is sanctioned.
  • If the benefits obtained from the operation can be determined, the penalty may amount to 5 times more than the benefits obtained.
  • The positions responsible for the operation may be penalized with up to 10 million euros (previously the maximum was € 600,000).

Penalties of 60,000 to 5 million euros

  • A maximum of 10% of the annual turnover.
  • The amount of the transaction for which the penalty is penalized plus 50%.
  • If the benefits obtained from the operation can be determined, the penalty may amount to 3 times the benefits obtained.
  • The positions responsible for the operation may be punished with up to 5 million euros and 5 years of disqualification.
Ask us any question

Do you need personalized advice?

Explain the current situation of your company and what you need. We will call you and analyze your case to assess whether your company is at risk of regulatory non-compliance. Our services adapt to all company sizes.

Consulting for the Money Laundering Prevention Law comprises the following phases

Comprehensive analysis of the needs of your company

Previous study for the knowledge of the client and risk of money laundering.

Preparation of the Manual

It includes the respective annexes with the forms and documents necessary for its application and the communication to SEPBLAC of a proposal for the appointment of a representative before the same of the obliged subject (Model F22).

Internal learning

Design of the annual training plan for employees, in order to comply with the provisions of article 29 of Law 10/2010. Includes training of representative before the SEPBLAC (subsidized courses).

Annual examination report

According to Order EHA 2444/2007 of July 31, it will be carried out by an independent external expert duly accredited before the SEPBLAC (the exam is carried out remotely).

Relationship between the LPBC and the LOPD

Both laws are related by the processing of personal data and files , automated or not, that the obligated subject generates to comply with the LPBC. The treatment is governed by the obligations established in the LOPD.

The Spanish Data Protection Agency (AEPD) is responsible for ensuring compliance with data protection legislation and controlling its application. It also exercises inspection and sanctioning powers, and may impose fines from €900 to €600,000 (minor, serious, or very serious) depending on the nature of the rights violated, the volume, the degree of intentionality, the recidivism, the damages caused, and any other relevant circumstance to determine the degree of culpability.

To apply one or another sanction too circumstances will be taken into account such as the continued nature of the offense, the link between the activity of the offender and the treatment, the effect on the rights of minors, etc.

Who is affected by the Money Laundering Prevention Act (LPBC)?