Madrid, February 19, 2015. Banking entities, members of AEB (Spanish Banking Association) and CECA, will have access to the databases of “beneficial owners” and “politically exposed persons, their family members, or close associates” of the General Council of Notaries, by virtue of agreements signed between these entities and the notaries.
Both agreements respond to the banks’ interest in having an instrument that facilitates their compliance with the obligation, established by anti-money laundering and terrorist financing regulations, to identify the beneficial owner of bank accounts or other operations, as well as to identify politically exposed persons among their clients.
Thus, Royal Decree 304/2014 indicates that obliged entities may access the files created under the provisions of Article 15.1 of Law 10/2010 by other obliged entities, by centralized prevention bodies established by national professional organizations, or by third parties.
Under these agreements, banking entities interested in accessing these databases may sign an individual agreement with the General Council of Notaries, for which purpose AEB and CECA will disseminate the existence of the respective agreement among their associates.
Additionally, two committees will be created, one between AEB and the Notarial Council and another between CECA and the Notarial Council, which will be responsible for the application of the agreement, the resolution of any incidents that may arise, and for proposing to the Ministry of Economy possible measures related to the agreement for the prevention of money laundering and terrorist financing.
The Notaries’ Databases
The General Council of Notaries created the databases of beneficial owners and politically exposed persons, their family members, or close associates in March 2012, in compliance with the provisions of Royal Decree 304/2014. This file was published in the Official State Gazette on April 28, 2012, and was registered in the General Data Protection Register on July 11 of the same year.
Notaries play a crucial role in the control and prevention of crimes such as money laundering. In December 2005, the General Council of Notaries created the Centralized Body for the Prevention of Money Laundering (OCP) to intensify and channel its collaboration with Public Administrations in this area. In these almost ten years, the collaboration of notaries has been decisive in preventing this type of crime. The OCP has strengthened the collaboration of the Notarial Council with the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Infractions (SEPBLAC) and with judicial authorities, and greatly facilitates the individual work of the notary.
Spanish Banking Association and CECA
AEB and CECA pay special attention to supporting and coordinating their associated banks and savings banks in the prevention of money laundering, as well as collaborating with the Administration in this area of action. The prevention of money laundering and terrorist financing constitutes a priority activity for the members of both associations, both due to their social responsibility and the need to comply with the obligations imposed by current Spanish legislation in this matter, which is one of the strictest in Europe. To this end, Spanish banks dedicate substantial operational and organizational resources to the detection and prevention of operations related to money laundering, in close collaboration with SEPBLAC, in its capacity as the executive body responsible for public action in this field.
