External Expert Review

AML Requirements in Spain

Spain has implemented a clear risk-based approach and emphasised the importance of rigorous analysis through its Law 10/2010.

Under this law, internal control measures and bodies of regulated entities are subject to an annual review by an “External Expert”. The results of the review form part of a report which details the internal control measures in place and assessment of operational efficiency. The report also proposes any required changes or improvements.

Failure to comply with this obligation is considered a serious offense under the law and can incur hefty fines.

Who can perform the external review?

The external review must be carried out by professional experts who have the adequate academic background and professional experience. They must also inform the regulator (SEPBLAC) of their role as an “External Expert”.

Sionic Expertise

Sionic’s team of experts are registered with SEPBLAC and have extensive experience in helping organisations comply with local and international AML requirements.

For more information or to speak to one of our experts, please complete the form below and we’ll be in touch.