LPBC Consulting – Money Laundering Prevention Law

Adapt your business to the LPBC

We analyze if you are a subject bound by the Money Laundering Prevention Law

Law 10/2010 on the Prevention of Money Laundering and Terrorism Financing, indicates in its article 2 a long list of subjects obliged to comply with it.

If your company is among them, count on Edorteam to make your business comply with the LPBC. Ours consulting service we incorporate computer tools for an agile, efficient management with the minimum necessary investment.

LPBC Consulting – Money Laundering Prevention Law
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 ...

N

Those linked to the gambling and chance sector

N

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

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

N

Associations and foundations

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.

Do you need further assistance?

Tell us about your company and regulatory questions you may have to interview. We'll study your case to assess whether your company is compliant.

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 Agency for Data Protection (AEPD) is in charge of ensuring compliance with the legislation on data protection and controlling its application. Likewise, it exercises the inspection and sanctioning authority, being able to impose fines from € 900 to € 600,000 (slight, 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 circumstance relevant to determine the degree of guilt.

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 offender’s activity and the treatment, the effect on the rights of minors, etc.

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