The anti-money laundering policy addresses the need to combat criminality stemming from drug trafficking, terrorism, or organized crime, among other illicit activities that degrade our world.
Attempts to use the financial system for money laundering are well known. Therefore, banks must comply with stringent and extensive regulations, both at national and European levels, to prevent them. This regulation establishes obligations regarding due diligence, information, and internal control measures.
Specifically, banks must identify all natural or legal persons who intend to establish business relationships or any type of operation. Thus, the opening, contracting, or maintenance of accounts, safe deposit boxes, or assets under management is prohibited if such identification is not carried out beforehand.
Sepblac is Spain’s Financial Intelligence Unit and the Supervisory Authority for the prevention of money laundering and the financing of terrorism. Spanish banks are particularly notable for their diligence and compliance in collaborating with authorities in the fight against this crime. Information on any suspicious activity is fundamental to achieving this objective.
New forms of economic criminality and the increasing complexity and sophistication of money laundering schemes lead banks to dedicate significant human and material resources to their prevention, which they achieve both individually and in collaboration with the administration. Public-private collaboration and international coordination are key to combating the use of illicitly obtained money and thereby eliminating the financing of criminal organizations.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
