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Law 10/2010 Of 28 April, The Laundering Of Capital And Financing Of Terrorism.

Original Language Title: Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo.

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TEXT

JOHN CARLOS I

KING OF SPAIN

To all who present it and understand it.

Sabed: That the General Courts have approved and I come to sanction the following law.

INDEX

Chapter I. General provisions (Articles 1 and 2).

Chapter II. From due diligence (Articles 3 to 16).

Chapter III. Of the reporting obligations (Articles 17 to 25).

Chapter IV. Internal control (Articles 26 to 33).

Chapter V. Of the means of payment (Articles 34 to 37).

Chapter VI. Other provisions (Articles 38 to 43).

Chapter VII. From the institutional organisation (Articles 44 to 49).

Chapter VIII. From the sanctioning regime (Articles 50 to 62).

Additional disposition.

Transitional provisions first to eighth.

Repeal provision.

Final provisions first to seventh.

PREAMBLE

The policy of prevention of money laundering arises in the late 1980s as a reaction to the growing concern posed by financial crime stemming from drug trafficking.

Effectively, the risk of penetration of important sectors of the financial system by criminal organizations, which did not provide adequate response to existing instruments, resulted in a policy of The most important event was the creation in 1989 of the Financial Action Task Force (FATF). The GAFI Recommendations, adopted in 1990, soon became the international standard in this field, constituting the direct inspiration of the First Community Directive (Council Directive 91 /308/EEC of 10 June 1990). 1991).

However, the deeper knowledge of the techniques used by money laundering networks, as well as the natural evolution of such a recent public policy, have in recent years led to a series of changes in international standards and, as a result, in Community law.

In this context, this Law transpose Directive 2005 /60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and for the financing of terrorism, developed by Commission Directive 2006 /70/EC of 1 August 2006 laying down detailed rules for the implementation of Directive 2005 /60/EC of the European Parliament and of the Council as regards the definition of "persons of the political environment" and the technical criteria applicable in the procedures simplified due diligence with respect to the customer, as well as for the exemption for reasons of occasional or very limited financial activity, in addition to establishing the sanctioning regime of Parliament Regulation (EC) No 1781/2006 European and Council of 15 November 2006 on information on the payer accompanying transfers of funds.

However, it should be stressed that Directive 2005 /60/EC or Third Directive, which basically incorporates the GAFI Recommendations into Community law following its review in 2003, is limited to establishing a general framework for not only transposed but completed by the Member States, leading to significantly more extensive and detailed national rules, which means that the Directive does not provide for a comprehensive framework for the prevention of money laundering and financing of terrorism which is liable to be applied by the subjects without further specifications by the national legislator. Furthermore, the Third Directive is a minimum standard, as Article 5 of the Directive states, which must be strengthened or extended in the light of the specific risks in each Member State, which justifies this law. contains, as in the case of Law 19/1993 of 28 December, on certain measures to prevent money laundering, some more stringent provisions than the Directive.

On the other hand, from the technical point of view, real transposition has been carried out, adapting the terminology and the systematic of the Directive to the laws of the country. For example, the phrase "persons with public responsibility" has been chosen to refer to what the directive calls "people of the political environment", to understand that it is more accurate and expressive in Spanish. The current arrangements have also been maintained, as far as possible, as soon as they are contrary to the new Community order, in order to reduce the costs of adapting the required subjects. Finally, a number of provisions of the Regulation of 28 December 1993, adopted by Royal Decree 925/1995 of 9 June 1995, have been raised in a wide range of provisions, which means that the law is considerably more extensive than, from a point of Critical view, it could be crossed out of excessively regulatory. However, this technique is considered to be preferable because it is specific duties, imposed on the subject, who find better accommodation in standards of legal status.

Finally, it should be noted that there is a need for the unification of the prevention regimes for money laundering and the financing of terrorism, putting an end to the current dispersion. Consequently, with international standards for the prevention of money laundering, which have fully incorporated the fight against the financing of terrorism, the Third Directive, in contrast to the texts of 1991 and 2001, has been refers to "the prevention of the use of the financial system for the purpose of money laundering and terrorist financing".

In Spain, Law 19/1993 of 28 December on certain measures for the prevention of money laundering, coexists with Law 12/2003 of 21 May, preventing and blocking the financing of terrorism. As indicated in its name, Law 12/2003 of 21 May, has not been limited to regulating the freezing or blocking of funds potentially linked to terrorism, as was the initial intention, but has reproduced the obligations of prevention of Law 19/1993 of 28 December, which is clearly dysfunctional.

Therefore, without prejudice to the maintenance of Law 12/2003, of 21 May, regarding the blockade, the preventive aspects of money laundering and financing should be regulated in a unitary manner in this Law. of terrorism. The blockade, as an operative decision, will be maintained within the Ministry of the Interior, attributing, on the contrary, to the Commission on the Prevention of Money Laundering and Monetary Violations, which is organized in the Secretariat of State. (a) the Economic and Social Committee, with the participation of the financial supervisors, the competition for the opening and the instruction of the sanctioning files for failure to comply with the prevention obligations. This will end the current regulatory duality, however, maintaining the competence of the Monitoring Committee on Terrorist Financing Activities to agree on the freezing or freezing of funds where there are grounds for justify.

CHAPTER I

General provisions

Article 1. Object, definitions, and scope.

1. The purpose of this Law is to protect the integrity of the financial system and other sectors of economic activity by establishing obligations to prevent money laundering and terrorist financing.

2. For the purposes of this Law, the following activities shall be considered to be money laundering:

(a) The conversion or transfer of goods, knowing that such goods are derived from criminal activity or from participation in criminal activity, with the purpose of concealing or covering up the illicit origin of the goods; goods or to assist persons who are involved in circumventing the legal consequences of their acts.

(b) The concealment or cover-up of the nature, origin, location, disposition, movement or real property of property or property rights, knowing that such property is derived from criminal activity or participation in a criminal activity.

(c) The acquisition, possession or use of property, knowingly, at the time of receipt thereof, that they come from a criminal activity or from participation in a criminal activity.

d) Participation in any of the activities mentioned in the preceding letters, the association to commit such acts, the attempts to perpetrate them and the fact of helping, instigating or advising someone to perform them. or to facilitate their execution.

There will be money laundering even if the conduct described in the preceding letters is carried out by the person or persons who committed the criminal activity that generated the goods.

For the purposes of this Law, property from a criminal activity shall be understood to mean all types of assets whose acquisition or possession has their origin in a crime, both material and intangible, movable or immovable, tangible or intangibles, as well as documents or legal instruments irrespective of their form, including electronic or digital, which accredit the ownership of such assets or a right to such assets, including the share of the said assets Case of offences against Public Finance.

It will be considered that there is money laundering even if the activities that have generated the goods would have been developed in the territory of another State.

3. For the purposes of this Law, the financing of terrorism shall be the supply, deposit, distribution or collection of funds or property, by any means, directly or indirectly, with the intention of using them or with the knowledge that they will be used, in full or in part, for the commission of any of the terrorist offences listed in the Criminal Code.

Terrorism financing shall be deemed to exist even if the supply or collection of funds or assets has been developed in the territory of another State.

4. For the purposes of this Law and without prejudice to the provisions of the Additional Provision, equivalent third countries shall be considered as those States, territories or jurisdictions which, by establishing requirements equivalent to those of the The Spanish authorities shall determine by the Commission on the Prevention of Money Laundering and Monetary Infringements.

The qualification as a third country equivalent of a State, territory or jurisdiction shall in any case be understood without retroactive effect.

Article 2. Required subjects.

1. This Law shall apply to the following bound subjects:

a) Credit institutions.

(b) Insurance entities authorised to operate in the life class and insurance brokers when they act in relation to life insurance or other investment-related services, with the exceptions to be established regulentarily.

c) Investment service companies.

(d) the management companies of collective investment institutions and investment companies whose management is not entrusted to a management company.

e) Pension fund management entities.

(f) Managing companies of venture capital entities and venture capital companies whose management is not entrusted to a management company.

g) Mutual guarantee societies.

h) Payment entities.

i) People who professionally engage in currency exchange activities.

j) Postal services in respect of spin or transfer activities.

k) Persons professionally engaged in the granting of loans or loans, as well as persons who, without having obtained authorization as credit financial institutions, develop In the case of the Spanish authorities, the Commission is not in a position to take any of the measures referred to in the second paragraph of Article 3 (1) of the Treaty on the European Union. and other amendments relating to the Financial System are introduced.

l) Real estate developers and those who professionally engage in agency, commission or brokerage activities in the purchase of real estate.

m) Auditors, external accountants or tax advisors.

n) Notaries and registrars of property, mercantile and movable property.

n) Lawyers, procurators or other independent professionals when participating in the conception, conduct or advisory of operations for the account of clients regarding the purchase of real estate or entities trade, management of funds, securities or other assets, the opening or management of current accounts, savings accounts or securities accounts, the organisation of the contributions necessary for the creation, operation or management of undertakings or the creation, operation or management of trusts ("trusts") , similar companies or structures, or when acting on behalf of clients in any financial or real estate operation.

(o) persons who are professional and in accordance with the specific rules applicable to third parties in each case: constitute companies or other legal persons; exercise functions of the address or secretariat of a company, a partner of a similar association or functions in relation to other legal persons or having another person exercising those functions; providing a registered office or a business address, postal, administrative and other related services to a company, an association or any other instrument or legal person; acting as a trustee in a trust (trust) a similar express or legal instrument or provision for another person to exercise such functions; or to exercise shareholder functions on behalf of another person, with the exception of companies that are engaged on a regulated market and are subject to information in accordance with Community law or equivalent international standards, or having another person exercising those functions.

p) Gambling casinos.

q) People who trade professionally with jewelry, stones, or precious metals.

r) People who trade professionally with art objects or antiques.

s) Persons who professionally exercise the activities referred to in Article 1 of Law 43/2007 of 13 December 2007 on the protection of consumers in the procurement of goods with the offer to refund the price.

t) Persons engaged in the activities of deposit, custody or professional transportation of funds or means of payment.

u) Persons responsible for the management, exploitation and marketing of lotteries or other gambling with respect to the payment of prizes.

v) Natural persons who make means of payment, in accordance with the terms set out in Article 34.

w) Persons who trade professionally with goods, in accordance with the terms laid down in Article 38.

x) Foundations and associations, in the terms set out in Article 39.

and) Payment and clearing and settlement system managers of securities and derivative financial products, as well as credit or debit card managers issued by other entities, in the terms established in the Article 40.

Persons or non-resident entities which, through branches or agents or through the provision of services without permanent establishment, develop in Spain the same activities shall be construed as subject to this Law. nature to those of the persons or entities referred to in the preceding paragraphs.

2. Individuals or legal persons who carry out the activities referred to in the preceding paragraph are considered to be bound by them. However, where natural persons act as employees of a legal person, or provide them with permanent or sporadic services, the obligations imposed by this Law shall fall on that legal person in respect of services. provided.

The bound subjects shall also be subject to the obligations laid down in this Law in respect of operations carried out through agents or other persons acting as mediators or intermediaries. those.

3. Regulation (s) may be excluded for persons who carry out financial activities on an occasional or very limited basis where there is little risk of money laundering or terrorist financing.

4. For the purposes of this Law, the required subjects referred to in points (a) to (i) of paragraph 1 of this Article shall be considered as financial institutions.

CHAPTER II

Due Diligence

Section 1. Normal Due Diligence Measures

Article 3. Formal identification.

1. The obligated subjects shall identify how many natural or legal persons intend to establish business relationships or to intervene in any operations.

In no case will the obligated subjects maintain business relationships or conduct operations with natural or legal persons who have not been properly identified. In particular, the opening, hiring or maintenance of accounts, books, assets or instruments numbered, encrypted, anonymous or with fictitious names shall be prohibited.

2. Prior to the establishment of the business relationship or to the execution of any transactions, the parties shall verify the identity of the interveners by means of authentic documents. In the event that the identity of the interveners cannot be verified by means of documents at the first moment, the provisions of Article 12 may be considered, unless there are any risk factors in the operation.

The documents to be deemed authentic for identification purposes shall be established.

3. In the area of life insurance, the verification of the identity of the taker must be carried out prior to the conclusion of the contract. Verification of the identity of the life insurance beneficiary shall be carried out in any event prior to the payment of the benefit resulting from the contract or the exercise of the rights of redemption, advance or payment granted by the policy.

Article 4. Identification of the actual holder.

1. The required subjects shall identify the actual holder and shall take appropriate measures to verify their identity prior to the establishment of business relationships or to the execution of any operations.

2. For the purposes of this Law, the following definitions shall

:

(a) The natural person or persons whose account is intended to establish a business relationship or to intervene in any operations.

(b) The natural person or persons who ultimately hold or control, directly or indirectly, a percentage greater than 25 percent of the capital or voting rights of a legal person, or who otherwise exercise the direct or indirect control of the management of a legal person. Companies which are listed on a regulated market in the European Union or equivalent third countries are exempted.

(c) The natural person or persons who hold or exercise the control of 25% or more of the assets of an instrument or legal person administering or distributing funds, or, where the beneficiaries are still designate, the category of persons for whom the legal person or instrument has been created or acted primarily.

3. The obliged subjects shall obtain information from the clients in order to determine whether they act on their own or third parties. Where there is evidence or certainty that customers are not acting on their own account, the required information shall be collected by the required subjects in order to know the identity of the persons on their behalf.

4. The required subjects shall take appropriate measures to determine the ownership or control structure of legal persons.

Required subjects shall not establish or maintain business relationships with legal persons whose ownership or control structure has not been determined. In the case of companies whose shares are represented by bearer securities, the above prohibition shall apply unless the subject is determined by other means to determine the ownership or control structure. This prohibition shall not apply to the conversion of the securities to the bearer in terms of nomination or in a note.

Article 5. Purpose and nature of the business relationship.

Required subjects will obtain information about the intended purpose and nature of the business relationship. In particular, the obliged subjects shall obtain information from their clients in order to know the nature of their business or business activity and shall take measures to reasonably verify the veracity of such information.

Such measures will consist of the establishment and implementation of verification procedures of the activities declared by the clients. Such procedures shall take into account the different level of risk and shall be based on obtaining the clients of documents which are related to the activity declared or in obtaining information about it from the client itself.

Article 6. Continuous monitoring of the business relationship.

The obligated subjects will apply continuous follow-up measures to the business relationship, including the scrutiny of the operations carried out throughout the relationship in order to ensure that they match the knowledge that has the required customer and his business and risk profile, including the source of the funds and ensure that the documents, data and information available are up to date.

Article 7. Application of the due diligence measures.

1. The obliged subjects shall apply each of the due diligence measures provided for in the preceding Articles, but may determine the extent to which the measures laid down in Articles 4, 5 and 6 are applied according to the risk and depending on the of the type of customer, business relationship, product or operation, these extremes being collected in the express policy of admission of clients referred to in Article 26.

Required subjects must be in a position to demonstrate to the competent authorities that the measures taken have the appropriate scope in view of the risk of money laundering or terrorist financing by means of a prior risk analysis which shall in any event be recorded in writing.

In any case, the required persons shall apply the due diligence measures when there are indications of money laundering or terrorist financing, irrespective of any exception, exemption or threshold, or where there are doubts about the accuracy or adequacy of the data previously obtained.

2. Without prejudice to the second paragraph of Article 3.1, the obliged subjects shall not only apply the due diligence measures provided for in this Chapter to all new customers but also to existing customers, on the basis of an analysis of the risk.

In any case, the required persons shall apply due diligence measures to existing customers when new products are contracted or when a significant transaction is made for their volume or complexity.

The provisions of this paragraph shall be without prejudice to the liability for non-compliance with obligations in force prior to the entry into force of this Law.

3. The obligated subjects shall not establish business relationships or execute transactions where they are unable to apply the due diligence measures provided for in this Act. Where the impossibility in the course of the business relationship is assessed, the bound subjects shall terminate the business relationship by proceeding to carry out the special examination referred to in Article 17.

The refusal to establish business relationships or to execute transactions or the termination of the business relationship due to the impossibility of applying the due diligence measures provided for in this Law shall not entail, unless the Unjust enrichment, no liability for the required subjects.

4. The obligated subjects shall apply the due diligence measures set out in this Chapter to trusts ("trusts") or other legal instruments or heritage masses which, however lacking legal personality, may act in economic traffic.

5. Gambling casinos will identify and verify by means of documents the identity of how many people intend to access the establishment. The identity of such persons shall be registered, without prejudice to compliance with the provisions of Article 25.

In addition, gaming casinos will identify how many people intend to perform the following operations:

a) Delivery to checking customers as a result of token-change operations.

b) Transfers of funds made by the casinos at the request of the clients.

c) The issuance by the casinos of accrediting certifications of winnings obtained by the players.

d) The purchase or sale of game chips for a value equal to or greater than 2,000 euros.

The application by the gaming casinos of what is established in this section will allow you to understand the due diligence measures required in this Law.

Article 8. Application by third parties of the due diligence measures.

1. The obliged subjects may have recourse to third parties under this Law for the application of the due diligence measures provided for in this Section, with the exception of the continuous monitoring of the business relationship.

However, the obligated subjects shall retain full responsibility for the business relationship or transaction, even if the non-compliance is attributable to the third party, without prejudice to the liability of the third party.

2. Subject to the laws of prevention of money laundering and the financing of terrorism by other Member States of the European Union or equivalent third countries, the obliged subjects may, even if the documents or data required in those other than those provided for in this Law.

The use of third parties domiciled in third countries not qualified as equivalent or in respect of which the European Commission takes the decision referred to in the Additional Provision of this Law is prohibited.

3. The use of third parties for the application of due diligence measures shall require the prior conclusion of an agreement written between the subject and the third party, in which the respective obligations are formalised.

Third parties shall immediately make available to the subject the information obtained pursuant to the due diligence measures. Third parties shall also forward to the subject, at the request of the latter, a copy of the relevant documentation in accordance with this Section.

4. The provisions of this Article shall not apply to outsourcing or agency relations where, under a contractual agreement, the outsourcing or agent service provider is to be regarded as part of the subject required.

Required subjects, without prejudice to maintaining full responsibility for the client, may accept due diligence measures performed by their subsidiaries or branches domiciled in Spain or in third countries.

Section 2. Simplified Due Diligence Measures

Article 9. Simplified customer due diligence measures.

1. Subject to the provisions of the third paragraph of Article 7.1, the required persons shall be authorised not to apply the due diligence measures provided for in Articles 3.2, 4, 5 and 6 in respect of the following clients:

(a) Public law entities of the Member States of the European Union or of equivalent third countries.

(b) Financial institutions domiciled in the European Union or in equivalent third countries that are subject to supervision to ensure compliance with due diligence measures.

(c) publicly traded companies whose securities are admitted to trading on a regulated market in the European Union or equivalent third countries.

The application of simplified due diligence measures in the case of third countries not qualified as equivalent or in respect of which the European Commission takes the decision referred to in the Disposition is prohibited. Additional to this Law.

By order of the Minister of Economy and Finance, the application of simplified due diligence measures for certain customers may be excluded.

2. The application of simplified due diligence measures in respect of other customers who have a low risk of money laundering or terrorist financing may be authorised.

3. The obliged subjects shall in any case gather sufficient information to determine whether the customer is eligible for one of the exceptions provided for in this Article.

Article 10. Simplified due diligence measures for products or operations.

1. Subject to the provisions of the third paragraph of Article 7.1, the required persons shall not apply the due diligence measures provided for in Articles 3.2, 4, 5 and 6 in respect of the following products or operations:

(a) Life insurance policies whose annual premium does not exceed EUR 1 000 or whose single premium does not exceed EUR 2,500, unless the operation is assessed.

(b) the supplementary social security instruments listed in Article 51 of Law 35/2006 of 28 November of the Income Tax of the Physical Persons and the partial modification of the Tax on Societies, on the Income of Non-Residents and on the Heritage, provided that the liquidity is limited to the assumptions covered by the rules of pension plans and funds and cannot serve as collateral for a loan.

(c) Collective insurances that implement pension commitments as referred to in the Additional Provision of the recast of the Law on the Regulation of Pension Plans and Funds, approved by Royal Decree Legislative 1/2002 of 29 November, provided that they meet the following requirements:

1. To implement pension commitments that have their origin in a collective agreement or in an employment regulation file approved by the corresponding labor authority.

2. Do not admit the payment of premiums by the insured worker who, in addition to those paid by the employer who takes the insurance, amounts to an amount exceeding the limits laid down in Article 5 (2) (b) of the Law 35/2006 of 28 November of the Tax on the Income of the Physical Persons for the supplementary social security instruments listed in Article 51 thereof.

3. No that they cannot serve as a guarantee for a loan and do not contemplate other rescue scenarios other than the exceptional liquidity provided in the pension plan regulation or those referred to in Article 29 of the Royal Decree 1588/1999 of 15 October 1999 approving the Regulation on the implementation of the pension commitments of companies with workers and beneficiaries.

d) Electronic money, in terms that are determined to be regulated.

2. The required persons referred to in Article 2 (2) (b) shall be authorised not to apply the due diligence measures provided for in Article 6 in respect of life insurance premiums paid by transfer, bank domicile or the name of a credit institution domiciled in Spain, in the European Union or in equivalent third countries. This provision shall be without prejudice to the application of due diligence measures prior to the establishment of the business relationship or to the payment of the benefit arising out of the contract or to the exercise of the rights of redemption, advance or pignoration conferred by the policy.

3. The application of simplified due diligence measures in respect of other products or operations involving a low risk of money laundering or terrorist financing may be authorised.

Likewise, the non-application of all or some of the due diligence measures in relation to those transactions that do not exceed a quantitative, well-accumulated, well-accumulated threshold may be authorised. temporary periods, which, in general, shall not exceed EUR 1,000.

In particular, the application of simplified due diligence measures may be authorised, in terms of the rules to be determined, in the life-class policies which exclusively guarantee the risk of death, including those also providing supplementary guarantees of financial compensation for permanent or partial invalidity, total or absolute or temporary incapacity.

4. The obliged subjects shall in any case gather sufficient information to determine whether the exceptions provided for in this Article are applicable.

Section 3. Strengthened Due Diligence Measures

Article 11. Enhanced due diligence measures.

The obliged subjects shall, in addition to the normal due diligence measures, apply enhanced measures in the cases provided for in this Section, and in any other cases which, because of a high risk of laundering capital or terrorist financing, shall be determined in accordance with the rules.

Likewise, the required subjects will apply, in the light of an analysis of the risk, enhanced due diligence measures in those situations which by their very nature may present a higher risk of money laundering. capital or financing of terrorism. In any case, this consideration will be given to the activity of private banking, money-sending services and foreign exchange operations.

The enhanced due diligence measures in the areas of business or activities that present a higher risk of money laundering or terrorist financing may be concretized.

Article 12. Business relationships and non-face-to-face operations.

1. The obligated subjects may establish business relationships or execute operations through telephone, electronic or telematic means with clients who are not physically present, provided that one of the following is present. circumstances:

(a) The identity of the customer is accredited in accordance with the provisions of the applicable electronic signature regulations.

(b) The first income comes from an account in the name of the same customer opened in an entity domiciled in Spain, in the European Union or in equivalent third countries.

c) The requirements to be determined regulatively shall be verified.

In any case, within one month of the establishment of the business relationship, the obligated subjects must obtain from these clients a copy of the documents necessary to practice due diligence.

When discrepancies are found between the data provided by the client and other accessible information or in the possession of the subject, it will be mandatory to proceed with the in-person identification.

Required subjects shall adopt additional due diligence measures when in the course of the business relationship they appreciate risks higher than the average risk.

2. The obligated subjects shall establish policies and procedures to address the specific risks associated with non-face-to-face business relationships and operations.

Article 13. Cross-border banking correspondent.

1. With respect to cross-border banking correspondent relationships with third country client entities, credit institutions shall apply the following measures:

a) Reunite the client entity with sufficient information to understand the nature of its activities and determine, from public domain information, its reputation and the quality of its oversight.

b) Assess controls against money laundering and terrorist financing available to the client entity.

c) Get authorization from the immediate management level, at least, before establishing new correspondent banking relationships.

d) Document the respective responsibilities of each entity.

2. Credit institutions shall not establish or maintain correspondent relationships with screen banks. Credit institutions shall also take appropriate measures to ensure that they do not engage in or maintain correspondent relationships with a bank known to allow the use of their accounts by screen banks.

For these purposes, the credit institution, or entity that develops a similar activity, constituted in a country in which it does not have a physical presence that allows the exercise of real management and management, shall be understood as a bank and which is not a subsidiary of a regulated financial group.

3. Credit institutions subject to this Law shall not establish or maintain correspondent relationships that, directly or through a sub-account, allow the execution of transactions to clients of the represented credit institution.

4. The provisions of this Article shall also apply to payment institutions.

Article 14. Persons with public responsibility.

1. The obligated subjects shall apply enhanced due diligence measures in the business relationships or operations of persons with public responsibility.

Persons with public responsibility shall be considered to be natural persons who perform or have performed important public functions in other Member States of the European Union or in third countries, as well as their Next of kin and people recognized as close associates.

For these purposes:

(a) By natural persons who perform or have performed important public functions: heads of state, heads of government, ministers, secretaries of state or undersecretaries; parliamentarians; magistrates of courts supreme court, constitutional courts or other high court bodies whose decisions do not normally appeal, except in exceptional circumstances, including the equivalent members of the Prosecutor's Office; the members of the courts of central bank accounts or councils; the ambassadors and managers of the business; senior military personnel of the Armed Forces; and members of the administrative, management or supervisory bodies of publicly owned enterprises.

These categories will, where appropriate, include charges at Community and international level. None of these categories will include public employees of intermediate or lower levels.

Without prejudice to the application, on the basis of an analysis of risk, of enhanced due diligence measures, where a person has ceased to play an important public function for at least two years, it shall not be mandatory. his consideration as a person with public responsibility.

(b) For the next of kin: the spouse or the person to whom he is linked in a stable way by the same relationship of affectivity, as well as the parents and children, and the spouses or persons connected to the children in a stable way analogous relationship of affectivity.

(c) By persons recognised as close associates: any natural person who is notorious for the ownership or control of an instrument or legal person in conjunction with one of the persons referred to in point (a); or maintain other types of close business relations with them, or hold the ownership or control of a legal person or instrument that has been known to have been in the interests of them.

2. In addition to the normal due diligence measures, in the business relations or operations of persons with public liability the obligated subjects shall:

(a) Apply appropriate risk-based procedures to determine whether the intervener or the actual holder is a person with public responsibility. Those procedures shall be included in the express policy of admission of clients referred to in Article 26.1.

b) Get authorization from the immediate management level, at least, to establish business relationships with people with public responsibility.

(c) Adopt appropriate measures to determine the origin of the assets and the funds with which the business or transaction relationship will take place.

d) Carry out a strengthened and permanent follow-up to the business relationship.

Reglamentarily may be exceptionated for certain categories of subjects obliged to apply all or some of the measures provided for in the preceding letters.

3. Where, in accordance with the circumstances referred to in Article 17, the special examination is carried out, the parties shall take the appropriate measures to assess the possible participation in the event or operation of the person who has been or has been during the previous two years the status of representative public office or senior position of the Spanish Public Administrations, or of their closest relatives and persons recognized as close associates.

Article 15. Data processing of persons with public responsibility.

1. In order to comply with the measures set out in the previous article, the required subjects may proceed to the creation of files containing the identifying data of persons with public responsibility, even if they do not maintain a business relationship with them.

To this effect, the obliged subjects may obtain the information available to them about the persons with public responsibility without having the consent of the person concerned, even if this information is not available in sources accessible to the public.

The data contained in the files created by the obligated subjects may only be used for the enforcement of the enhanced due diligence measures provided for in this Law.

2. It will also be possible for the creation by third parties other than the required file subjects to include the identifying data of those who have the status of persons with public responsibility for the exclusive purpose of collaborate with the subjects required to comply with the enhanced due diligence measures.

Those who proceed to the creation of these files may not use the data for any other purpose other than that indicated in the preceding paragraph.

3. The processing and disposal of the data referred to in the previous two paragraphs shall be subject to the provisions of the Organic Law 15/1999 of 13 December on the Protection of Personal Data and its implementing rules.

However, it will not be necessary to inform those affected about the inclusion of their data in the files referred to in this article.

4. The obliged subjects and the third parties referred to in paragraph 2 shall establish procedures for the continuous updating of the data contained in the files relating to persons with public responsibility.

In any case, the high level security measures provided for in the personal data protection regulations must be implemented on the file.

Article 16. Products or operations conducive to anonymity and new technological developments.

The subject shall pay particular attention to any risk of money laundering or terrorist financing which may result from products or operations which are not subject to anonymity or new technological developments; and take appropriate measures to prevent their use for the purpose of money laundering or terrorist financing.

In such cases, the required subjects shall carry out a specific analysis of the possible risks in relation to money laundering or terrorist financing, which shall be documented and made available to the authorities. competent.

CHAPTER III

Of the reporting obligations

Article 17. Special examination.

The obliged subjects shall examine with particular attention any fact or operation, regardless of their amount, which, by their nature, may be related to money laundering or terrorist financing, by writing the results of the examination. In particular, the required subjects shall examine with particular attention any operation or pattern of complex behaviour, unusual or without an apparent economic or legal purpose, or showing evidence of simulation or fraud.

When establishing the internal control measures referred to in Article 26, the obliged subjects shall specify the manner in which this duty of special examination shall be carried out, which shall include the preparation and dissemination of managers, employees and agents of a relationship of operations likely to be related to money laundering or terrorist financing, the periodic review of such relationship and the use of computer applications appropriate, taking into account the type of operations, the business sector, the geographical scope and the volume of the information.

Reglamentarily, operations may be determined which shall in any case be the subject of special examination by the obliged subjects.

Article 18. Communication by indicia.

1. The parties shall, on their own initiative, communicate to the Executive Service of the Commission on the Prevention of Money Laundering and Monetary Violations (hereinafter referred to as the Commission's Executive Service) any event or operation, including the A mere attempt, in respect of which, following the special examination referred to in the preceding article, there is a sign or certainty that it relates to money laundering or terrorist financing.

In particular, the operations which, in relation to the activities referred to in Article 1, show a lack of consistency with the nature, volume of the activities referred to in Article 1, shall be communicated to the Executive Service of the Commission. an activity or operational background of the clients, provided that the special examination provided for in the preceding article does not assess economic, professional or business justification for the performance of the operations.

2. The communications referred to in the preceding paragraph shall be carried out without delay in accordance with the procedures referred to in Article 26 and shall, in any event, contain the following information:

a) Relationship and identification of the natural or legal persons involved in the operation and the concept of their participation in it.

(b) Known activity of the natural or legal persons involved in the operation and correspondence between the activity and the operation.

(c) Relation of related transactions and dates to which they relate with an indication of their nature, the currency in which they are made, the amount, place or place of execution, purpose and instruments of payment or collection used.

d) Gestion made by the required subject to investigate the reported operation.

e) Exposition of circumstances of any kind which may be inferred from the indication or certainty of connection with money laundering or the financing of terrorism or which reveal the lack of justification economic, professional or business to perform the operation.

(f) Any other data relevant to the prevention of money laundering or terrorist financing to be determined on a regulated basis.

In any event, the communication to the Executive Service of the Commission shall be preceded by a structured process of special examination of the operation in accordance with Article 17. In cases where the Commission's Executive Service considers that the special examination carried out is insufficient, it shall return the communication to the subject bound for the purposes of the examination of the operation, in which it is express the reasons for the return and the content to be examined succinctly.

In the case of merely attempted operations, the subject shall record the operation as not executed, communicating to the Executive Service of the Commission the information that may have been obtained.

3. The communication by indication shall be made by the subjects required on the support and in the format determined by the Executive Service of the Commission.

4. The directors or employees of the obliged subjects may communicate directly to the Executive Service of the Commission the operations of which they know and in respect of which they consider that they are prima facie or certain to be related to the money laundering or terrorist financing, in cases where, having been disclosed internally, the subject must not have informed the manager or employee of the course of the course given to his or her communication.

Article 19. Abstention from execution.

1. The obliged subjects shall refrain from any operation of the above mentioned in the preceding article.

However, where such abstention is not possible or may hinder the investigation, the obliged subjects may carry out the operation, immediately carrying out a communication in accordance with Article 18. The communication to the Commission's Executive Service shall, in addition to the information referred to in Article 18.2, state the reasons for the implementation of the operation.

2. For the purposes of this Law, it will be understood as a fair cause to motivate the refusal of the notary's authorization or its duty of abstention the presence in the operation of several indicators of risk of those indicated by the centralized organ of prevention or either of a manifest of simulation or of fraud of law. To this end, and without prejudice to the provisions of Article 24, the notary shall collect the necessary data from the client to assess the concurrency of such indicators or circumstances in the operation.

With regard to registrars, the abstention obligation referred to in this article shall in no case prevent the registration of the legal act or business in the records of the property, commercial or movable property.

Article 20. Systematic communication.

1. In any case, the obliged subjects shall communicate to the Executive Service of the Commission on a regular basis to determine the operations to be established.

Without prejudice to this, where the operations subject to systematic communication present indications or certainty of being related to money laundering or terrorist financing, the provisions of the provisions of this Article shall be Articles 17, 18 and 19.

Reglamentarily may be excepted from the obligation of systematic communication of operations to certain categories of bound subjects.

In the absence of any such operations, the parties shall inform the Executive Service of the Commission with the periodicity to be determined on a regulated basis.

2. Systematic communication of operations shall be carried out by the subjects required on the support and in the format determined by the Executive Service of the Commission.

Article 21. Collaboration with the Commission on the Prevention of Money Laundering and Monetary Violations and with its support bodies.

1. The required subjects shall provide the documentation and information that the Commission on the Prevention of Money Laundering and Monetary Violations or their support bodies require for the exercise of their powers.

The requirements shall specify the documentation to be provided or the extremes to be informed and shall specify the time limit in which they are to be addressed. After the time limit for the referral of the required documentation or information has not been provided, or if the data is incomplete due to the failure to examine the situation in due form, the data shall be deemed to be unfulfilled. the obligation laid down in this Article.

2. Under the internal control measures referred to in Article 26, the subject-matter shall establish systems which enable them to respond in a complete and diligent manner to requests for information to be submitted to them by the Commission. of the Blanking of Capital and Monetary Offences, their support bodies or other legally competent authorities on whether they maintain or have maintained over the past ten years business relations with certain natural persons or legal and on the nature of such relationships.

Article 22. Non-clamping.

Lawyers shall not be subject to the obligations laid down in Articles 7.3, 18 and 21 with respect to the information they receive from one of their clients or obtain on it when determining the legal position in favour of their client or perform their mission to defend the client in legal proceedings or in relation to them, including advice on the opening or the way to avoid a process, regardless of whether they have received or obtained such information before, during, or after such processes.

Without prejudice to the provisions of this Law, lawyers shall maintain the duty of professional secrecy in accordance with the laws in force.

Article 23. Disclaimer.

The communication of good faith information to the competent authorities under this Law by the obligated or, exceptionally, by its directors or employees, shall not constitute a violation of the restrictions on disclosure of information imposed by contract or by any legal, regulatory or administrative provision, and shall not involve any liability, its directors or employees.

Article 24. Prohibition of disclosure.

1. The obliged subjects and their managers or employees shall not disclose to the customer or to third parties that information has been communicated to the Commission's Executive Service, or that any operation is being examined or may be examined in case it may be related. with money laundering or with the financing of terrorism.

This prohibition shall not include disclosure to the competent authorities, including centralised prevention bodies, or disclosure for police reasons in the framework of a criminal investigation.

2. The prohibition set out in the preceding paragraph shall not prevent:

a) The communication of information between financial institutions belonging to the same group. For these purposes, the definition of a group as set out in Article 42 of the Trade Code shall be included.

(b) The disclosure of information between the bound subjects referred to in paragraphs (m) and (n) of Article 2.1, when exercising their professional activities, whether as employees or otherwise, within the same entity legal or in a network. Network, for these purposes, shall be the broadest structure to which the person belongs and who shares a common property, management or monitoring of compliance.

(c) the disclosure of information, referring to the same client and to the same transaction involving two or more entities or persons, between financial institutions or between the required subjects referred to in paragraphs (m) and (n) of Article 2.1, provided that they belong to the same professional category and are subject to equivalent obligations in respect of professional secrecy and the protection of personal data. The information exchanged shall be used exclusively for the purposes of the prevention of money laundering and terrorist financing.

The exceptions set out in the preceding letters shall also apply to the communication of information between persons or entities domiciled in the European Union or in equivalent third countries.

Information communication with persons or entities domiciled in third countries not qualified as equivalent or in respect of which the European Commission adopts the decision referred to in the Disposition is prohibited. Additional to this Law.

3. Where the subjects required to be referred to in Article 2.1 (m) and (n) attempt to deter a client from an illegal activity, this shall not be disclosed for the purposes of the first subparagraph.

Article 25. Document preservation.

1. The required subjects shall keep for a minimum period of 10 years the documentation in which the fulfilment of the obligations laid down in this Law is formalised.

In particular, the obligated subjects shall retain for their use in any investigation or analysis, in the case of possible cases of money laundering or terrorist financing, by the Executive Service of the Commission or any other legally competent authority:

(a) A copy of the documents required to be applied for due diligence, for a period of at least ten years from the termination of the business relationship or the execution of the operation.

(b) Original or copy with evidence of the documents or records that properly credit the operations, the interveners in the same and the business relationships, for a minimum period of ten years from the date of the execution of the transaction or the termination of the business relationship.

2. Subject to the exceptions to be determined in accordance with the rules of procedure, the parties shall store the copies of the identification documents referred to in Article 3.2 on optical, magnetic or electronic media which ensure their integrity. correct reading of the data, the impossibility of manipulation and its proper conservation and location.

In any case, the file system of the required subjects must ensure the proper management and availability of the documentation, both for internal control purposes, and for attention in time and form to the requirements of the authorities.

CHAPTER IV

From Internal Control

Article 26. Internal control measures.

1. Subject to the exceptions to be determined in accordance with the rules, they shall approve in writing and apply appropriate policies and procedures in respect of due diligence, information, preservation of documents, internal control, evaluation and risk management, ensuring compliance with the relevant provisions and communication, in order to prevent and prevent operations related to money laundering or terrorist financing. Those policies and procedures shall be communicated to branches and subsidiaries with majority participation located in third countries.

The subject, with the exceptions to be determined by regulation, shall approve in writing and apply an express policy of admission of clients. This policy shall include a description of those types of clients that could present a higher risk than the average risk according to the factors determined by the subject in accordance with the applicable international standards in each case. The policy of customer admission will be gradual, with enhanced precautions taken with respect to those customers who present a higher risk than the average risk.

Where there is a centralised body for the prevention of the collegiate professions subject to this Law, it shall be the same as the written approval of the express customer admission policy.

2. A person who is responsible for the administration or management of the company shall be appointed by the obligation to the Executive Service of the Commission. In the case of employers or individual professionals, the holder of the activity shall be the representative to the Executive Service of the Commission. With the exceptions to be determined by regulation, the proposal for the appointment of the representative, accompanied by a detailed description of his career, shall be communicated to the Executive Service of the Commission, which shall, in a reasoned opinion, may make any objections or comments. The representative to the Executive Service of the Commission shall be responsible for the fulfilment of the reporting obligations set out in this Law, for which he shall have access without limitation to any information in the subject required.

Required subjects shall establish an appropriate internal control body responsible for the implementation of the policies and procedures referred to in paragraph 1. The internal control body, which shall, where appropriate, provide representation of the various business areas of the subject, shall meet, with the express record of the agreements adopted, with the periodicity to be determined in the internal control. The categories of bound subjects may be determined, for which the constitution of an internal control body is not required, the functions of which are exercised in such cases by the representative to the Executive Service of the Commission.

For the exercise of their duties, the representative to the Executive Service of the Commission and the internal control body shall have the necessary material, human and technical resources. Regulations shall be determined for certain categories of subjects who are required to set up technical units for the processing and analysis of the information.

The prevention of money laundering and terrorist financing will, in any case, operate with functional separation from the department or internal audit unit of the subject.

3. Subject to the exceptions to be determined in regulation, the subjects must approve an appropriate manual for the prevention of money laundering and the financing of terrorism, which will be kept up to date, with complete information on the internal control measures referred to in the preceding paragraphs. For the exercise of its supervisory and inspection function, the manual shall be made available to the Executive Service of the Commission, which may propose to the Standing Committee of the Commission on the Prevention of Money Laundering and Monetary Violations the formulation of requirements by requiring the subjects to take appropriate corrective action.

The obligated subjects may voluntarily submit their manual to the Executive Service of the Commission, for the purpose of determining the adequacy of the established internal control measures, or which they intend to establish. The compliance of the manual with the recommendations made by the Commission's Executive Service will enable the obligation set out in this paragraph to be understood.

4. The internal control measures provided for in this Article may be established at the group level, in accordance with the definition laid down in Article 24.2.a), provided that such decision is communicated to the Executive Service of the Commission, with specification of the required subjects within the group structure.

Article 27. Centralised prevention bodies.

1. The Constitution of the Minister for Economic Affairs and Finance may be agreed upon to set up centralised bodies for the prevention of collegiate professions subject to this Law.

The centralised prevention bodies will have the task of stepping up and channelling the collaboration of the collegiate professions with the judicial, police and administrative authorities responsible for prevention and repression of money laundering and the financing of terrorism, without prejudice to the direct responsibility of the professionals incorporated as subjects. The representative of the centralised prevention body shall have the status of representative of the professionals incorporated within the meaning of Article 26.2.

2. The centralised prevention bodies shall, on their own initiative or at the request of the professionals incorporated, examine the operations referred to in Article 17, and communicate them to the Executive Service of the Commission when the circumstances set out in Article 18. The professionals incorporated must provide the centralised prevention body with all the information required by them for the exercise of their duties. In addition, in accordance with Article 21, the incorporated professionals shall provide all the documentation and information which the Commission on the Prevention of Money Laundering and Monetary Offences or its Support Bodies require, directly or through the centralised prevention authority, for the exercise of their powers.

3. With the exception of the officials referred to in Article 2.1.n), the incorporation of the subjects required to the centralised prevention bodies shall be voluntary.

Article 28. External examination.

1. The internal control measures referred to in Article 26 shall be the subject of an annual examination by an external expert.

The results of the examination shall be recorded in a written report which shall describe in detail the existing internal control measures, assess their operational effectiveness and propose, where appropriate, any corrections or improvements. However, in the two years following the issue of the report, the report may be replaced by a follow-up report issued by the external expert, which refers exclusively to the adequacy of the measures taken by the subject identified deficiencies.

By Order of the Minister for Economic Affairs and Finance, the models to which the issued reports are to be adjusted may be approved.

The report shall be raised no later than three months from the date of issue to the Board of Directors or, as the case may be, to the management body or the principal management body of the subject, who shall take the measures necessary to address the identified deficiencies.

2. The required subjects shall entrust the practice of the external examination to persons who have academic and professional experience who make them suitable for the performance of the function.

Those who intend to act as external experts must inform the Executive Service of the Commission before they begin their activities and inform the Commission of the relationship of the obliged subjects whose control measures internal have been examined.

Required subjects may not entrust the practice of the external examination to those natural persons who have lent or lent them any other kind of paid services during the three years preceding or after the year. issue of the report.

3. The report shall in any case be made available to the Commission on the Prevention of Money Laundering and Monetary Infringements or its support bodies for the five years following the date of issue.

4. The obligation laid down in this Article shall not be required of individual employers or professionals.

Article 29. Employee training.

Required subjects shall take appropriate measures to ensure that their employees are aware of the requirements arising from this Act.

These measures will include the duly accredited participation of employees in specific training courses aimed at detecting operations that may be related to money laundering or the financing of terrorism and instructing them on how to proceed in such cases. The training actions shall be the subject of an annual plan which, designed in accordance with the risks of the business sector of the subject, shall be approved by the internal control body.

Article 30. Protection and suitability of employees, managers and agents.

1. The required subjects shall take appropriate measures to maintain confidentiality regarding the identity of the employees, managers or agents who have made a communication to the internal control bodies.

Any authority or official shall take appropriate measures to protect against any threat or hostile action to the employees, managers or agents of the obligors who report evidence of money laundering or of terrorist financing.

The representative referred to in Article 26.2 shall be the person who shall appear in all manner of administrative or judicial proceedings in relation to the data collected in the communications to the Executive Service of the Commission or any other supplementary information which may relate to those where it is necessary to obtain the clarification, supplement or confirmation of the subject himself.

2. The obligated subjects shall establish in writing and implement appropriate policies and procedures to ensure high ethical standards in the recruitment of employees, managers and agents.

Article 31. Branches and subsidiaries in third countries.

1. The obliged subjects shall apply in their branches and subsidiaries with majority participation located in third countries measures for the prevention of money laundering and terrorist financing at least equivalent to those laid down by the Community law.

The Commission's Executive Service may monitor the suitability of such measures.

2. Where the right of the third country does not permit the application of measures equivalent to those laid down by Community law, the obliged subjects shall adopt in respect of their branches and subsidiaries with majority participation additional measures for effectively deal with the risk of money laundering or terrorist financing, and shall report to the Executive Service of the Commission, which may propose to the Standing Committee of the Commission on the Prevention of Money Laundering and Infractions Monetary the formulation of requirements for the adoption of obligatory measures compliance.

The Secretariat of the Commission on the Prevention of Money Laundering and Monetary Violations (hereinafter the Secretariat of the Commission) will inform the European Commission of cases where the right of the third country does not allow the application of equivalent measures and in which action can be taken in the framework of an agreed procedure to find a solution.

Article 32. Protection of personal data.

1. The processing of personal data, as well as the files, automated or not, created for compliance with the provisions of this Law will be subject to the provisions of the Organic Law 15/1999 and its regulations of development.

2. The consent of the data subject shall not be required for the processing of data necessary for the fulfilment of the reporting obligations referred to in Chapter III.

No such consent shall be required for the data communications provided for in that Chapter, and in particular for those provided for in Article 24 (2

.

3. Pursuant to Article 24 (1), and in relation to the obligations referred to in the preceding paragraph, the obligation of information provided for in Article 5 of the Organic Law shall not apply to the processing of data. 15/1999.

Likewise, they will not apply to the files and treatments referred to in this precept the norms contained in the aforementioned Organic Law concerning the exercise of the rights of access, rectification, cancellation and opposition. In the case of the exercise of the above rights by the person concerned, the subjects shall be limited to the provisions of this Article.

The provisions of this paragraph shall also apply to files created and managed by the Executive Service of the Commission for the performance of the functions conferred upon it by this Law.

4. The centralised prevention bodies referred to in Article 27 shall have the status of in charge of the treatment for the purposes laid down in the rules for the protection of personal data.

5. They shall apply to the files referred to in this Article by the high level security measures provided for in the personal data protection regulations.

Article 33. Exchange of information between obliged subjects and centralised fraud prevention files.

1. Without prejudice to Article 24 (2), where exceptional circumstances are to be determined, the Commission on the Prevention of the Laundering Of Capital and Monetary Infringements may agree to the exchange of information relating to certain types of operations other than those provided for in Article 18 or to clients subject to certain circumstances, provided that the same occurs between obliged persons who are in one or more of the categories as provided for in Article 2.

The Agreement shall in any event determine the type of operation or category of customer in respect of which the exchange of information is authorized, as well as the categories of bound subjects who may exchange the information.

2. The obliged subjects may also exchange information relating to the operations referred to in Articles 18 and 19 for the sole purpose of preventing or preventing operations related to money laundering or financing. of terrorism where the characteristics or the operational nature of the particular case result from the possibility that, once rejected, the development of a fully or partially similar operation may be attempted in relation to other subjects.

3. The information contained in the files may be consulted by the required subjects and the competent judicial, police and administrative authorities in the field of prevention or repression of money laundering or terrorist financing. were created, in accordance with the provisions of the current rules on the protection of personal data, by private entities with the purpose of preventing fraud in the financial system, provided that access to such information is necessary for the purposes described in the preceding paragraphs.

4. Access to the data referred to in this provision shall be limited to the internal control bodies referred to in Article 26, including the technical units constituting the required subjects.

5. It shall not apply to the exchanges of information provided for in this Article, as provided for in Organic Law 15/1999 as regards the requirement for the consent of the person concerned, the duty of information to the data subject and the exercise of the rights of the person concerned. access, rectification, cancellation and opposition.

The high level security measures provided for in the personal data protection regulations shall apply to the treatments derived from the communications provided for in this article.

CHAPTER V

From the means of payment

Article 34. Obligation to declare.

1. Natural persons who, acting on their own or third-party basis, make the following movements shall be required to make prior declarations in accordance with the terms laid down in this Chapter:

(a) Departure or entry into national territory of means of payment of an amount equal to or greater than EUR 10,000 or its equivalent in foreign currency.

(b) Movements by national territory of means of payment of an amount equal to or greater than EUR 100,000 or its equivalent in foreign currency.

For these purposes, any change of place or position that is verified on the outside of the address of the bearer of the means of payment shall be understood by movement.

Except for the obligation of declaration set out in this Article, natural persons acting on behalf of undertakings which, duly authorized and registered by the Ministry of the Interior, carry out activities of professional transport of funds or means of payment.

2. For the purposes of this Law, means of payment shall be understood:

a) The currency and currency paper, national or foreign.

b) The bearer bank checks denominated in any currency.

(c) Any other physical means, including electronic means, designed to be used as a means of payment to the bearer.

3. In the case of exit or entry into national territory, movements in the amount of more than EUR 10 000 or its foreign currency equivalent of marketable effects shall also be subject to the reporting obligation laid down in this Article. carrier, including monetary instruments such as travel cheques, negotiable instruments, including cheques, promissory notes and payment orders, whether extended to the bearer, endorsed without restriction, extended to the order of a fictitious beneficiary or in another form by virtue of which the ownership of the same is transmitted to the delivery, and the incomplete instruments, including cheques, promissory notes and payment orders, signed but with default of the name of the beneficiary.

4. The declaration set out in this Article shall be in accordance with the approved model and shall contain truthful data relating to the carrier, owner, consignee, amount, nature, provenance, intended use, route and mode of transport of the goods. means of payment. The obligation to declare shall be deemed to be unfulfilled when the information entered is incorrect or incomplete.

The declaration model, once fully completed, will be signed and presented by the person who transports the means of payment. During the whole movement the means of payment shall be accompanied by the appropriate duly completed declaration and transported by the person entered as a carrier.

By Order of the Minister of Economy and Finance, the model, form and place of declaration shall be regulated and the amounts set out in points (a) and (b) of the first paragraph of this Article may be amended.

Article 35. Control and intervention of the means of payment.

1. In order to verify compliance with the declaration obligation laid down in the preceding Article, customs or police officers shall be empowered to monitor and inspect natural persons, their luggage and their means of transport.

The control and inspection of goods shall be verified in accordance with the provisions of customs legislation.

2. The omission of the declaration, where it is mandatory, or the lack of accuracy of the data declared, provided that it can be estimated as particularly relevant, will determine the intervention by customs or police officers acting on the basis of the all means of payment found, with the exception of the minimum of survival which can be determined by order of the Minister for Economic Affairs and Finance.

For these purposes, the lack of total or partial veracity of the data relating to the carrier, owner, recipient, provenance or intended use of the means of payment, as well as the data, shall be considered as particularly relevant. the excess or default variation of the amount declared in respect of the actual amount by more than 10% or EUR 3,000.

The intervention shall also proceed when, however, the movement has been declared or the declaration threshold is not exceeded, there are indications or certainty that the means of payment are related to the money laundering or the the financing of terrorism, or where rational doubts arise as to the veracity of the data recorded in the declaration.

The means of payment will be entered in the same currency or currency in the accounts opened in the name of the Commission on the Prevention of the Money Laundering and Monetary Violations, not being subject to the provisions In Article 34, the acting police or customs officers.

The act of intervention, which shall be immediately transferred to the Executive Service of the Commission for investigation and to the Secretariat of the Commission for the opening, where appropriate, of the corresponding sanctioning procedure, it must expressly indicate whether the means of payment intervened were found in place or situation showing a clear intention to hide them. The act of intervention shall be of evidentiary value, without prejudice to evidence which may be provided by the parties concerned in defence of their rights or interests.

3. Where, in the course of proceedings, the court or tribunal has failed to comply with the obligation to declare a declaration, the court or tribunal shall inform the Secretariat of the Commission thereof, making available to it the means of (a) payment is not subject to criminal liability, proceeding as provided for in the preceding paragraph.

Article 36. Treatment of information.

Information obtained as a result of the reporting obligation shall be submitted to the Executive Service of the Commission by the use of electronic, computer or telematic means with the use of computer support. standard to be determined by the Commission's Executive Service. The information on seizures shall be centralised with the Secretariat of the Commission.

The Tax Administration and the Security Forces and Corps shall have access to the information referred to in the preceding paragraph for the exercise of their powers.

Article 37. Exchange of information.

The information obtained from the declaration set out in Article 34 or the checks referred to in Article 35 may be transmitted to the competent authorities of other States.

Where there is evidence of a relationship with the proceeds of fraud or any other illegal activity affecting the financial interests of the European Community, such information shall also be transmitted to the European Commission.

CHAPTER VI

Other Provisions

Article 38. Trade in goods.

Natural or legal persons who trade professionally with goods shall be subject to the obligations laid down in Articles 3, 17, 18, 19, 21, 24 and 25 in respect of transactions in which charges or payments are made with the means of payment referred to in Article 34.2 of this Law and in the amount of more than EUR 15,000, whether or not they are carried out in one or more operations between which there appears to be some type of relationship.

Depending on an analysis of the risk, all or some of the other obligations set out in this Law may be regulated in a regulatory manner.

Article 39. Foundations and partnerships.

The Protectorate and the Board of Trustees, in exercise of the functions attributed to them by Law 50/2002 of 26 December, of Foundations, and the staff with responsibilities in the management of the foundations will ensure that these are not used for money laundering or to channel funds or resources to persons or entities linked to terrorist groups or organisations.

For these purposes, all foundations shall retain within the period laid down in Article 25 records with the identification of all persons who provide or receive free funds or resources from the foundation, in the terms of Articles 3 and 4 of this Law. These records shall be made available to the Protectorate, the Committee on the Surveillance of Terrorism Financing Activities, the Commission on the Prevention of the Laundering Of Capital and Monetary Inbreaches or its Support Bodies, as well as administrative or judicial bodies with powers in the field of the prevention or prosecution of money laundering or terrorism.

The provisions of the preceding paragraphs shall also apply to the associations, in such cases, corresponding to the governing body or general assembly, to the members of the representative body which manages the interests of the the association and the body responsible for verifying its constitution, in the exercise of the functions assigned to it by Article 34 of the Organic Law 1/2002, of 22 March, regulatory of the law of association, to comply with the Article.

By taking into account the risks to which the sector is exposed, the remaining obligations laid down in this Law may be regulated to the foundations and associations.

Article 40. Collaborative management entities.

Payment and clearing and settlement system managers of securities and derivative financial products, as well as credit or debit card managers issued by other entities, will collaborate with the Commission on Prevention of Money Laundering and Monetary Infringements and with their support bodies by providing the information they have concerning the operations carried out, as provided for in Article 21.1.

Article 41. Sending money.

In the case of the sending of money operations referred to in Article 2 of Law 16/2009 of 13 November of payment services, the corresponding transfers shall be made through open accounts in institutions of credit, both in the country of destination of the funds and in any other in which the foreign correspondents or intermediate compensation systems operate. Institutions providing money-sending services shall only engage with foreign correspondents or intermediate compensation systems which have adequate methods of settlement of funds and the prevention of money laundering and money laundering. the financing of terrorism.

The funds thus managed must be used solely and exclusively for the payment of the ordered transfers, without the use of the same for other purposes. In any event, the credit to correspondents who pay to the beneficiaries of the transfers shall be made necessarily in accounts in open credit institutions in the country in which that payment is made.

At all times, the entities referred to in this Article shall ensure the monitoring of the transaction until its receipt by the final beneficiary, with this information being provided in accordance with the provisions of the Article 21.

Article 42. International financial countermeasures.

Without prejudice to the direct effect of Community regulations, the Council of Ministers, acting on a proposal from the Minister for Economic Affairs and Finance, may prohibit, restrict or condition economic transactions with States, entities or persons in respect of which an international organisation, institution or group decides or recommends the adoption of financial countermeasures.

Article 43. Financial entitlements file.

1. In order to prevent and prevent money laundering and the financing of terrorism, credit institutions shall declare to the Executive Service of the Commission, on a regular basis, to be determined, open or cancellation of current accounts, savings accounts, securities accounts and time deposits.

The declaration shall contain, in any event, the identifying data of the holders, representatives or authorised persons, as well as any other persons with powers of disposition, the date of opening or cancellation, the type of account or repository and the identifying data of the reporting credit institution.

2. The declared data will be included in a public ownership file, called the Financial Entitlements File, of which the Secretary of State for Economic Affairs will be responsible.

The Commission's Executive Service, as the processor, will determine, in accordance with the provisions of the Organic Law 15/1999, the technical characteristics of the file, and may approve the relevant instructions.

3. On the occasion of the investigation of crimes related to money laundering or the financing of terrorism, the judges of instruction, the Prosecutor's Office and, prior to judicial authorization or of the Fiscal Ministry, the Forces and Security, you will be able to obtain the data declared in the Financial Entitlements file. The Executive Service of the Commission may obtain the data for the exercise of its powers. The State Tax Administration Agency may obtain the data referred to in the terms of Law 58/2003 of 17 December, General Tax.

Any request for access to the data in the Financial Entitlements File shall be adequately motivated by the requesting body, which shall be responsible for the regularity of the requirement. In no case may access to the file be required for purposes other than the prevention or repression of money laundering or terrorist financing.

4. Without prejudice to the powers that correspond to the Spanish Data Protection Agency, a member of the Fiscal Ministry designated by the Attorney General of the State in accordance with the procedures provided for in the Ministry's Organic Statute Fiscal and that during the exercise of this activity is not developing its function in any of the organs of the Prosecutor's Office charged with the pursuit of the crimes of money laundering or financing of terrorism will ensure appropriate use of the file, for which the purpose of the file may be fully justified any access.

CHAPTER VII

From the institutional organization

Article 44. Commission for the Prevention of Money Laundering and Monetary Violations.

1. The impetus and coordination of the implementation of this Law shall be the responsibility of the Commission for the Prevention of the Money Laundering and Monetary Violations, dependent on the Secretariat of State of the Economy.

2. The following shall be the functions of the Commission on the Prevention of Money Laundering and Monetary Violations:

(a) Direct and promote activities to prevent the use of the financial system or other sectors of economic activity for the purpose of money laundering or terrorist financing, as well as the prevention of administrative infringements of the rules on economic transactions with the outside world.

b) Collaborate with the Security Forces and Forces, coordinating the research and prevention activities carried out by the other bodies of the Public Administrations that have assigned powers in the subjects mentioned in the preceding letter.

c) Guarantee the most effective assistance in these matters to the judicial bodies, the Prosecutor's Office and the Judicial Police.

(d) Name the Director of the Executive Service of the Commission. The appointment will be made on a proposal from the President of the Commission on the Prevention of Money Laundering and Monetary Violations, after consultation with the Banco de España.

e) Approve, after consultation with the Banco de España, the budget of the Executive Service of the Commission.

f) To permanently orient the action of the Executive Service of the Commission and to approve its organisational structure and operating guidelines.

g) Approve, on a proposal from the Commission's Executive Service and, in the case of an agreement, the supervisory bodies of the financial institutions, the Annual Plan of Inspection of the obliged subjects, which shall be reserved.

h) Formulate requirements for the subjects required in the field of compliance with the obligations of this Law.

i) Serve as a means of collaboration between the Public Administration and the representative organizations of the subjects required in the subjects and areas of action regulated in this Law.

j) Approve guidelines and action guides for the required subjects.

k) Report the draft provisions that regulate aspects related to this Law.

(l) Raise the Minister of Economy and Finance with proposals for sanctions to be adopted by the Minister or the Council of Ministers.

m) To agree with the supervisory bodies of financial institutions, by signing appropriate conventions, to coordinate their actions with those of the Commission's Executive Service in the field of supervision and inspection compliance with the obligations imposed on such entities in this Law, in order to ensure efficiency in the performance of their tasks. Such conventions may provide that, without prejudice to the supervisory and inspection powers of the Executive Service, the supervisory bodies referred to in this Article shall be responsible for supervising compliance with the obligations laid down in the Chapters II, III and IV of this Law with respect to the obligated subjects and assume the function of making recommendations, as well as propose requirements to be formulated by the Standing Committee of the Commission of Prevention of the Blanking of Capitals and Monetary Violations.

n) To develop statistics on money laundering and terrorist financing, to which all bodies with powers in the field should be assisted by their cooperation. In particular, the National Judicial Statistics Commission shall provide the statistical data on legal proceedings for the purpose of crimes against money laundering or terrorist financing.

n) Other functions that attribute the current legal provisions to you.

3. The Commission on the Prevention of Money Laundering and Monetary Violations will be chaired by the Secretary of State for Economic Affairs and will have the composition to be established. In any case, it will count on the appropriate representation of the Fiscal Ministry, the Ministries and institutions with competence in the field, the supervisory bodies of the financial institutions, as well as the Autonomous Communities with competence for the protection of persons and property and for the maintenance of citizen security.

The Commission on the Prevention of Money Laundering and Monetary Infractions may act in plenary or through a Standing Committee that, with the composition to be determined by the Director General of the Treasury and Financial Policy shall exercise the functions provided for in points (f), (g) and (h) of the preceding paragraph, or any other than the Plenary Session expressly delegates to it. The attendance of the Committee on the Prevention of Money Laundering and Monetary Violations and its Standing Committee shall be personal and non-delegable.

Regulations may be established by other committees of the Commission on the Prevention of Money Laundering and Monetary Violations.

4. The Commission on the Prevention of Money Laundering and Monetary Violations and the Commission on Surveillance of Terrorist Financing Activities shall be given the maximum collaboration for the exercise of their respective powers.

Article 45. Support bodies of the Commission on the Prevention of Money Laundering and Monetary Violations.

1. The Commission on the Prevention of Money Laundering and Monetary Infringements shall carry out its tasks with the support of the Secretariat of the Commission and the Executive Service of the Commission.

2. The Secretariat of the Commission shall be carried out by the organic unit, with a rank of at least sub-directorate-general, of those existing in the Secretariat of State of the Economy, which shall be determined. The head of the organic unit shall be the Secretary of the Commission and of its Committees, acting as a nato.

It shall be up to the Secretariat of the Commission, inter alia, to instruct the sanctioning procedures to take place for infringement of the obligations laid down in this Law, and to make the Standing Committee the Proposal for a resolution. The Secretariat of the Commission shall also direct the required subjects to the requirements of the Standing Committee and shall take account of compliance with these requirements.

3. The Commission's Executive Service is an organ, organically and functionally, of the Commission on the Prevention of Money Laundering and Monetary Violations, which, through its Standing Committee, will permanently guide its act and approve its operating guidelines.

The powers relating to the economic, budgetary and contracting arrangements of the Executive Service of the Commission shall be exercised by the Bank of Spain in accordance with its specific rules, which shall, for these purposes, be signed by the Bank of Spain. Agreement with the Commission on the Prevention of Money Laundering and Monetary Violations.

Employees of the Banco de España destined for the Executive Service of the Commission will maintain their employment relationship with the Banco de España, will be functionally dependent on the Executive Service, and will be governed by the regulations governing the Bank of Spain. Staff arrangements of the Banco de España.

The budget of the Executive Service, following its approval by the Commission on the Prevention of Money Laundering and Monetary Violations, will be integrated, with due separation, in the proposal for a budget of operation and investments referred to in Article 4.2 of Law 13/1994, of 1 June, of Autonomy of the Banco de España. The expenditure incurred by the Bank of Spain against the budget referred to above shall be borne by the Bank of Spain in the form referred to in paragraph 5 of this Article.

4. The Executive Service of the Commission, without prejudice to the powers conferred upon the Security Forces and Bodies and other Administration Services, shall exercise the following functions:

(a) To provide the necessary assistance to the judicial bodies, the Prosecutor's Office, the Judicial Police and the competent administrative bodies.

(b) Elevate to the bodies and institutions referred to in the preceding letter the actions of which rational evidence of crime is derived or, where appropriate, administrative infraction.

(c) Receive the communications provided for in Articles 18 and 20.

d) Analyze the information received and give it the channel that in each case proceeds.

e) Run the orders and follow the guidelines issued by the Commission on the Prevention of Money Laundering and Monetary Violations or by its Standing Committee, as well as raise the reports you request.

f) Monitor and inspect compliance with the obligations of the obligated subjects established in this Law, in accordance with the provisions of Article 47.

g) Make recommendations to the subjects who are required to improve internal control measures.

h) Propose to the Standing Committee the formulation of requirements to the required subjects.

i) Report, with the exceptions to be determined in regulation, in the procedures for the creation of financial institutions on the adequacy of the internal control measures provided for in the programme of activities.

(j) to report, with the exceptions to be determined on a regulated basis, in the procedures for the prudential assessment of acquisitions and increases in participation in the financial sector.

k) The others provided for in this Law or that attribute to it the legal provisions in force.

5. The Bank of Spain, for the expenses it carries out under the budget approved by the Commission for the Prevention of Money Laundering and Monetary Violations, will form an account that, duly justified, will send to the Directorate General of the Treasury and Financial Policy. Once this account has been established, the Management Board will pay the Bank of Spain to the Bank of Spain for the non-budgetary concept that the General Intervention of the State Administration believes in these effects.

The balance presented in the aforementioned concept will be regulated by the benefits that the Banco de España enters annually in the Treasury.

6. The State's responsibility for the action of the organs of the Commission on the Prevention of Money Laundering and Monetary Infractions will be demanded, if necessary, before the Minister of Economy and Finance in the terms established by Law 30/1992, of 26 November, of the Legal Regime of Public Administrations and of the Common Administrative Procedure.

Article 46. Financial intelligence reporting.

1. The Executive Service of the Commission shall analyse the information received from the obliged subjects or other sources, referring, if it appreciates the existence of indications or certainty of money laundering or terrorist financing, the corresponding financial intelligence report to the Fiscal Ministry or the competent judicial, law enforcement or administrative bodies.

The information and documentation available to the Commission's Executive Service and financial intelligence reports shall be confidential and shall be kept confidential by any authority or official who access to its content. In particular, it shall in no case be the subject of disclosure of the identity of the analysts who have intervened in the preparation of the financial intelligence reports or of the employees, managers or agents who have communicated the existence of the existence of the of indicia to the internal control bodies of the obligor.

Financial intelligence reports will have no probative value and cannot be directly incorporated into judicial or administrative proceedings.

2. The target bodies of the financial intelligence reports shall regularly inform the Executive Service of the Commission of the destination given to them. The Commission on the Prevention of Money Laundering and Monetary Infringements may agree with the addressees of a procedure for the assessment of financial intelligence reports.

The Commission's Executive Service may report to the subjects in respect of the course given to the communications. The information provided by the Commission's Executive Service to the required subjects shall be of a confidential nature, with the recipients having to keep their due reservation.

The Commission's Executive Service shall assess the quality of the communications made in accordance with Article 18, regularly notifying the administrative or management bodies of the subjects. required.

Article 47. Monitoring and inspection.

1. The Executive Service of the Commission shall monitor compliance with the obligations laid down in this Law, adjusting its action, in respect of financial institutions, to the conventions signed pursuant to Article 44. In any event, the Executive Service of the Commission may practice in respect of any subject bound by the inspection measures necessary to verify compliance with the duties related to the duties assigned to it.

The Commission's Executive Service inspectorates and, in the case of an agreement, those of the supervisory bodies of financial institutions, will be the subject of an annual indicative plan to be approved by the Commission For the purposes of the Standing Committee, it is possible to provide for the implementation of additional inspection measures.

The Commission's Executive Service and, in the case of an agreement, the supervisory bodies of financial institutions, shall inform the Commission on the Prevention of the Laundering Of Capital and Monetary Infringements with a the annual performance of the actions which, in the previous year's plan, could not, if necessary, be carried out.

2. The obligated subjects, their employees, managers and agents shall provide the maximum collaboration to the staff of the Executive Service of the Commission, without any restriction, without any restriction on any information or documentation required, including books, Accounting entries, records, software, magnetic support files, internal communications, minutes, official statements, and any other related matters subject to inspection.

3. The Executive Service of the Commission, or the supervisory bodies referred to in Article 44, shall forward the relevant inspection report to the Secretariat of the Commission, which shall propose what is appropriate to the Standing Committee. The Executive Service of the Commission, or the supervisory bodies referred to in Article 44, may also propose to the Standing Committee the adoption of requirements requiring the subject to take the corrective measures deemed to be necessary. required.

The inspection reports of the Executive Service of the Commission or of the supervisory bodies shall be of evidentiary value, without prejudice to the evidence which may be provided by the interested parties in defence of their rights or interests.

Article 48. Collaboration regime.

1. Any authority or official who discovers facts that may constitute evidence of money laundering or terrorist financing, whether during the inspections carried out on the entities under supervision, or in any other way, report to the Commission's Executive Service. Without prejudice to possible criminal liability, failure to comply with this obligation by public servants who are not subject to Article 2 shall be subject to disciplinary penalties in accordance with the specific legislation which they are required to do. is applicable. The obligation referred to in this paragraph shall also be extended to the information which the Commission on the Prevention of Money Laundering and Monetary Offences or its support bodies require in the exercise of their powers.

In any case, the Bank of Spain, the National Securities Market Commission, the General Directorate of Insurance and Pension Funds, the General Directorate of Records and the Notary, the Accounting and Audit Institute of Accounts, professional bodies and the competent State or regional bodies, as appropriate, shall inform the Secretariat of the Commission in a reasonable manner when, in the exercise of their inspection or supervisory work, they have any possible infringements of the obligations set out in this Act.

The judicial bodies, either on their own initiative or at the request of the Prosecutor's Office, shall provide evidence to the Secretariat of the Commission when, in the course of the proceedings, they appreciate indications of non-compliance with this Law which are not constitutive. of crime.

2. When carrying out its duties in relation to financial institutions subject to special legislation, the Executive Service of the Commission may obtain from the Bank of Spain, the National Securities Market Commission or the Directorate-General for Insurance and Pension Funds, as appropriate, all accurate information and collaboration to carry them out.

Subject to the provisions of the preceding paragraph, the Commission's Executive Service shall have direct access to statistical information on capital movements and economic transactions with the outside of the Bank. of Spain in accordance with the provisions of the legislation applicable to such operations. In addition, the managing bodies and the General Treasury of Social Security shall give up the personal data and information which they have obtained in the performance of their duties to the Commission on the Prevention of Money Laundering and Monetary infractions, at the request of its Executive Service, in the exercise of the powers conferred upon it by this Law.

3. In accordance with the guidelines set out by the Commission on the Prevention of Money Laundering and Monetary Infringements, the Commission's Executive Service and, where appropriate, the Secretariat of the Commission shall cooperate with the authorities of other States. exercising similar powers.

The exchange of information shall be subject to the provisions of the International Conventions and Treaties or, where appropriate, to the general principle of reciprocity, as well as to the submission of such foreign authorities to them. obligations of professional secrecy that govern for Spanish.

The exchange of information from the Commission's Executive Service with Foreign Financial Intelligence Units will be conducted in accordance with the principles of the Egmont Group or in the terms of the corresponding memorandum of understanding. The memoranda of understanding with Financial Intelligence Units shall be signed by the Director of the Executive Service, subject to the authorization of the Commission on the Prevention of Money Laundering and Monetary Violations.

The exchange of information from the Executive Service of the Commission with Financial Intelligence Units of European Union States shall be carried out in accordance with Council Decision 2000 /642/JHA of 17 October 2000, on the arrangements for cooperation between the financial intelligence units of the Member States for the exchange of information, or the rule that replaces it.

Article 49. Duty of secrecy.

1. All persons who perform or have carried out an activity for the Commission on the Prevention of Money Laundering and Monetary Violations or for any of its organs and have been aware of their actions or of character data reserved are obliged to keep the secret secret. Failure to comply with this obligation shall determine the responsibilities laid down by the laws. These persons may not publish, communicate or display any data or documents reserved even after they have ceased the service, except for the express permission granted by the Commission on the Prevention of Money Laundering and Monetary Violations.

2. The data, documents and information held by the Commission on the Prevention of Money Laundering and Monetary Violations or any of its organs by virtue of how many functions are entrusted to them by the laws shall have a reserved character and may not be disclosed except in the following cases:

(a) The dissemination, publication or communication of the data when the involved expressly consents to it.

b) The publication of aggregated data for statistical purposes, or communications in summary or aggregate form, so that the persons or subjects involved cannot be identified even indirectly.

c) The provision of information at the request of the parliamentary committees of inquiry.

(d) The provision of information at the request of the Prosecutor's Office and of the judicial or administrative authorities which, by virtue of the provisions of the law, are entitled to such effects. In such cases, the requesting authority shall expressly invoke the legal precept that enables the request for information, being responsible for the regularity of the requirement.

e) Request for reports or information requirements by the Commission on the Prevention of Money Laundering and Monetary Violations or by its support bodies, without prejudice to the reserve duty of the person or entity to The report is requested or the information is required.

Without prejudice to the provisions of Law 58/2003 of 17 December, General Tax, the exchange of information between the Executive Service of the Commission and the Tax Administration will be carried out in the form of a to be determined by a signed agreement between the Commission on the Prevention of Money Laundering and Monetary Infringements and the State Tax Administration Agency.

The Secretariat of the Commission may provide the tax administration and the Security Forces with information with tax or police relevance.

3. The authorities, persons or public entities which receive information of a reserved nature from the Commission on the Prevention of Money Laundering and Monetary Offences or their support bodies shall also be subject to the duty of covered by this Article, the relevant measures shall be taken to ensure the reservation and shall not be used but in the context of the performance of the duties legally conferred on them.

CHAPTER VIII

The sanctioning regime

Article 50. Classes of violations.

The administrative violations provided for in this Law will be classified as very serious, serious and minor.

Article 51. Very serious infringements.

1. The following will be very serious:

(a) Failure to comply with the obligation of communication provided for in Article 18, where any manager or employee of the obligor would have disclosed internally the existence of indicia or the certainty that a operation was related to money laundering or terrorist financing.

(b) Failure to comply with the obligation to cooperate as set out in Article 21, where the Commission's written request for the Prevention of Money Laundering and Monetary Infringements is required.

(c) Failure to comply with the disclosure prohibition set out in Article 24 or the reserve duty provided for in Articles 46.2 and 49.2.e).

d) The resistance or obstruction to the inspector's work, provided that he mediates the requirement of the express and written staff in this respect.

e) Failure to comply with the obligation to take the corrective measures communicated on the basis of a request from the Standing Committee referred to in Articles 26.3, 31.2, 44.2 and 47.3 when a deliberate intention is met rebel to compliance.

(f) The commission of a serious infringement when, during the previous five years, the subject has been subject to a firm sanction for the same type of infringement.

2. In accordance with the terms laid down by the Community Regulations laying down specific restrictive measures in accordance with Articles 60, 301 or 308 of the Treaty establishing the European Community, they shall constitute very serious infringements of the This Act is as follows:

(a) The intentional non-compliance with the obligation to freeze or block funds, financial assets or economic resources of natural or legal persons, entities or groups designated.

(b) The non-compliance with the prohibition of the placing of funds, financial assets or economic resources at the disposal of designated natural or legal persons, entities or groups.

Article 52. Serious infringements.

1. The following shall constitute serious infringements:

(a) Non-compliance with formal identification obligations, in the terms of Article 3.

(b) Non-compliance with the obligations of identification of the actual holder, in the terms of Article 4.

(c) Failure to comply with the obligation to obtain information on the purpose and nature of the business relationship, in the terms of Article 5.

(d) Failure to comply with the obligation to apply continuous follow-up measures to the business relationship, in the terms of Article 6.

e) Failure to comply with the obligation to apply due diligence measures to existing customers, in the terms of Article 7.2 and the Seventh Transitional Disposition.

(f) Failure to comply with the obligation to apply enhanced due diligence measures, in the terms of Articles 11 to 16.

g) Non-compliance with the special examination obligation, in the terms of Article 17.

(h) Failure to comply with the notification obligation under Article 18, where it is not to be qualified as a very serious infringement.

i) Failure to comply with the obligation to abstain from enforcement, in accordance with Article 19.

(j) Failure to comply with the obligation of systematic communication, in the terms of Article 20.

(k) Failure to comply with the obligation of collaboration laid down in Article 21 when it is required to provide written notice of one of the support bodies of the Commission on the Prevention of Money Laundering and Monetary Infringements.

(l) Failure to comply with the obligation to preserve documents in accordance with Article 25.

m) Failure to comply with the obligation to approve in writing and to implement appropriate internal control policies and procedures, in the terms of Article 26.1, including the written approval and application of an express policy Customer intake.

n) Failure to notify the Commission's Executive Service of the proposal for the appointment of the representative of the subject, or the refusal to take care of the objections or comments made, in the of Article 26.2.

n) Failure to comply with the obligation to establish appropriate internal control bodies, including, where appropriate, technical units, which operate in accordance with the terms of Article 26.2.

o) Failure to comply with the obligation to provide the representative before the Executive Service of the Commission and the internal control body with the material, human and technical resources necessary for the performance of his duties.

p) Failure to comply with the obligation to approve and maintain at the disposal of the Executive Service of the Commission an appropriate and up-to-date manual for the prevention of money laundering and terrorist financing, terms of Article 26.3.

q) Non-compliance with the external examination obligation, in the terms of Article 28.

r) Failure to comply with the obligation to train employees, in the terms of Article 29.

s) Failure to comply with the obligation to take appropriate measures by the subject to maintain confidentiality regarding the identity of employees, managers or agents who have made a communication to the internal control bodies, in the terms of Article 30.1.

t) Failure to comply with the obligation to apply in respect of the majority holding branches and subsidiaries located in third countries the measures provided for in Article 31.

u) Failure to comply with the obligation to apply international financial countermeasures, in the terms of Article 42.

v) Failure to comply with the obligation laid down in Article 43 to declare the opening or cancellation of current accounts, savings accounts, securities accounts and time deposits.

w) Failure to comply with the obligation to take the corrective measures communicated on the basis of a request from the Standing Committee referred to in Articles 26.3, 31.2, 44.2 and 47.3 where a deliberate intention is not met rebel to compliance.

x) Setting or maintaining business relationships or running prohibited operations.

and) The resistance or obstruction to the inspector's work when there has been no formal and written request from the acting staff.

2. Unless there are indications or certainty of money laundering or terrorist financing, the offences referred to in points (a), (b), (c), (d), (e), (f) and (l) of the previous paragraph may be regarded as minor where the failure to comply with the the subject must be considered as merely occasional or isolated in view of the percentage of incidents in the compliance sample.

3. Serious infringements of this Law shall be:

(a) Failure to comply with the obligation to declare movements of means of payment, in the terms of Article 34.

(b) Non-compliance by foundations or associations of the obligations laid down in Article 39.

(c) Failure to comply with the obligations laid down in Article 41, unless it is to be classified as very serious in accordance with Article 51.1.b).

4. In accordance with the terms laid down by the Community Regulations laying down specific restrictive measures in accordance with Articles 60, 301 or 308 of the Treaty establishing the European Community, serious infringements of the present Law:

(a) Non-compliance with the obligation to freeze or block funds, financial assets or economic resources of natural or legal persons, entities or groups designated, where it is not to be qualified as a very serious infringement severe.

(b) Non-compliance with the prohibition on the placing of funds, financial assets or economic resources at the disposal of designated natural or legal persons, entities or groups, where it is not to be qualified as a very serious infringement.

(c) Failure to comply with the communication and information obligations to the competent authorities specifically laid down in the Community Regulations.

5. Failure to comply with the obligations laid down in Articles 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 of Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2009 shall constitute serious infringements of this Law. 2006, concerning information on the payer accompanying transfers of funds.

Article 53. Minor infractions.

Without prejudice to the provisions of Article 52.2, minor infractions shall be those breaches of obligations specifically laid down in this Law which do not constitute a very serious or serious infringement in accordance with the provisions of Article 52.2. provided in the two preceding articles.

Article 54. Responsibility of administrators and managers.

In addition to the liability that corresponds to the subject who is still bound by simple non-compliance, those who exercise in the same administrative or management positions, are either single or collegiate, will be responsible for the infringements where they are attributable to their intentional or negligent conduct.

Article 55. Enforceability of administrative responsibility.

The administrative liability for infringement of this Law shall be enforceable even if after the non-compliance the obligor would have ceased his activity or his administrative authorization would have been revoked. to operate.

In the case of dissolved companies, the former partners will be jointly and severally liable for the financial penalties imposed up to the limit of what they would have received as a settlement fee, without prejudice to the responsibility of managers, administrators or liquidators.

Article 56. Penalties for very serious infringements.

1. The following sanctions may be imposed by the committee on very serious infringements:

a) Public assembly.

(b) Multa, the minimum amount of which shall be EUR 150 000, the maximum amount of which may be up to the maximum of the following figures: 5% of the net worth of the subject, the doubling of the economic content of the operation; or 1,500,000 euros.

c) Dealing with entities subject to administrative authorization to operate, the revocation of this.

The penalty provided for in point (b), which must be mandatory in any event, shall be imposed simultaneously with one of the provisions referred to in (a) or (c).

2. In addition to the appropriate sanction to impose on the subject bound by the commission of very serious infractions, one or more of the following sanctions may be imposed on those who, exercising in the same administrative or management positions, are responsible for the breach:

a) Multa each one of them for between 60,000 and 600,000 euros.

b) Separation of the charge, with disablement to exercise administration or management positions in the same entity for a maximum period of ten years.

c) Separation of the charge, with disablement to exercise administration or management fees in any entity of those subject to this Act for a maximum period of ten years.

The penalty provided for in point (a), which must be compulsory in any event, may be applied simultaneously with one of the provisions laid down in points (b) and (c)

Article 57. Penalties for serious infringements.

1. The following sanctions may be imposed by the commission for serious infringements:

a) The private assembly.

b) Public assembly.

(c) Multa whose minimum amount shall be EUR 60,001 and the maximum amount of which may be up to the maximum of the following figures: 1% of the net worth of the subject, the economic content of the transaction, plus 50 percent, or 150,000 euros.

The penalty provided for in point (c), which must be mandatory in any event, shall be imposed simultaneously with one of the provisions referred to in (a) or (b).

2. In addition to the penalty to be imposed on the subject bound by the commission of serious infringements, one or more of the following sanctions may be imposed on those who, in the same administrative or management positions, are responsible. of the violation:

a) The private assembly.

b) Public assembly.

c) Multa each of them for a minimum amount of 3,000 euros and maximum of up to 60,000 euros.

(d) Temporary suspension in the term of office not exceeding one year.

The penalty provided for in point (c), which must be mandatory in any event, shall be imposed simultaneously with one of the provisions referred to in (a), (b) or (d).

3. In the event of non-compliance with the declaration obligation laid down in Article 34, the fine shall be imposed, the minimum amount of which shall be EUR 600 and the maximum amount of which may be up to more than double the value of the means of payment. employees.

Article 58. Penalties for minor infractions.

For the commission of minor infractions one or both of the following sanctions may be imposed:

a) The private assembly.

b) Multa for up to 60,000 euros.

Article 59. Graduation of sanctions.

1. The penalties shall be graduated according to the following circumstances:

(a) The amount of the transaction or the proceeds obtained, if any, as a result of the omissions or acts constituting the infringement.

b) The circumstance of having proceeded or not to the sub-healing of the infringement on its own initiative.

(c) Strong administrative penalties for infringements of a different kind imposed on the subject under this Law in the last five years.

In any case, the sanction will be graduated in such a way that the commission of the infractions is not more beneficial for the offender than the compliance with the rules infringed.

2. The following circumstances shall be taken into consideration in order to determine the penalty applicable from those provided for in Articles 56.2, 57.2 and 58:

(a) The degree of responsibility or intentionality in the facts that the data subject concurs.

(b) The previous conduct of the person concerned, in the entity charged or in another, in relation to the requirements laid down in this Law.

c) The character of the representation that the interested person has.

(d) The economic capacity of the person concerned, where the penalty is fine.

3. In order to determine the penalty applicable for non-compliance with the reporting obligation laid down in Article 34, the following circumstances shall be considered as aggravating:

(a) The notorious amount of the movement, being considered in any case as such that it doubles the threshold of declaration.

b) The lack of accreditation of the lawful origin of the means of payment.

c) Incoherence between the activity developed by the data subject and the amount of the movement.

d) The circumstance of being found the means of payment in place or situation that shows a clear intention to hide them.

e) The firm sanctions on administrative basis for non-compliance with the obligation of declaration imposed on the data subject in the last five years.

Article 60. Prescription of infringements and penalties.

1. Very serious and serious infringements will be prescribed at five years, and the minor ones at two years, counted from the date the infringement was committed. In the case of infringements resulting from continued activity, the initial date of the calculation shall be that of the completion of the activity or of the last act with which the infringement is consumed. In the event of non-compliance with due diligence obligations the limitation period shall be counted from the date of termination of the business relationship, and in the case of the retention of documents since the expiry of the period referred to in the Article 25.

The prescription will be interrupted by any action of the Commission on the Prevention of the Laundering Of Money and Monetary Violations or of its organs of support, carried out with formal knowledge of the obliged subjects, leading to the inspection, supervision or control of all or part of the obligations under this Law. It will also be interrupted by the initiation, with knowledge of the interested parties, of the sanctioning procedure or of a criminal procedure for the same facts, or by others whose separation of the sanctionables according to this Law is rationally impossible.

2. The penalties imposed under this Law shall be imposed at the age of three in the case of very serious infringements, at two years in the case of serious infringements, and in the case of minor offences, counted from the date of notification of the sanctioning resolution.

The prescription will be interrupted when the suspension of the execution of the sanction resolution is agreed to administrative or judicially.

Article 61. Sanctioning procedure and precautionary measures.

1. The opening and, as the case may be, the dismissal of the sanctioning procedures to be taken by the commission of the infringements provided for in this Act shall be the responsibility of the Standing Committee, on a proposal from the Secretariat of the Commission.

The power to initiate or agree to terminate the sanctioning procedures for failure to comply with the declaration obligation laid down in Article 34 shall be the responsibility of the Secretariat of the Commission.

2. The instruction of the sanctioning procedures to be carried out by the commission of infringements provided for in this Law shall be the responsibility of the Secretariat of the Commission.

The body responsible for initiating the sanctioning procedure may agree, at the time of the initiation of the procedure or during its processing, the constitution of sufficient security to deal with the responsibilities to the that there should be. In the case of proceedings for failure to comply with the declaration obligation laid down in Article 34, the amount brought in accordance with Article 35.2 shall be understood as a guarantee, and may be agreed by the Registrar of the Commission during the instruction of the sanctioning procedure the extension or reduction of the said guarantee.

The sanctioning procedure applicable to the non-compliance with the obligations provided for in this Law will be the general provision for the exercise of sanctioning powers by the Public Administrations.

3. It will be competent to impose sanctions for very serious infringements by the Council of Ministers, on a proposal from the Minister for Economic Affairs and Finance. He will be competent to impose the sanctions for serious violations by the Minister of Economy and Finance, on a proposal from the Commission on the Prevention of Money Laundering and Monetary Violations. He/she shall be competent to impose sanctions for minor infractions of the Director General of the Treasury and Financial Policy, on a proposal from the instructor.

Where the defendant is a financial institution or requires administrative authorisation to operate, it shall be required for the imposition of penalties for serious or very serious infringements of the institution or body. the administrative authority responsible for its monitoring report on the possible impact of the sanction or proposed sanctions on the stability of the entity subject to the procedure.

The competence to resolve sanctioning procedures for failure to comply with the declaration obligation laid down in Article 34 shall be the responsibility of the instructor and the report of the Executive Service of the Commission, the Director-General of the Treasury and Financial Policy, whose resolutions will put an end to the administrative path.

4. In the case of sanctioning procedures instructed by the Secretariat of the Commission, the maximum period for resolving the procedure and the notification of the decision shall be one year from the date of notification of the opening agreement, without prejudice to the possibility of suspension by the instructor of the term in the cases referred to in Article 42.5 of Law 30/1992, of 26 November, of the Legal Regime of the Public Administrations and of the Common Administrative Procedure, and of the extension of the maximum period of six months, which may be agreed on a reasoned basis, the Secretary of the Commission, on a proposal from the instructor, under the provisions of Article 49 of the same Law.

The time limits laid down in the preceding paragraph shall determine the expiry of the administrative penalty procedure, and a new opening agreement shall be issued as long as the infringement has not been prescribed. in accordance with the provisions of Article 60.

5. The implementation of the final sanctioning decisions on an administrative basis shall be the responsibility of the Secretariat of the Commission.

The sanction of public admonition, once it is signed in administrative way, will be executed in the form that is established in the resolution, being in any case published in the "Official Gazette of the State".

With regard to the enforcement and publicity of sanctions and other matters relating to the sanctioning regime, it will be provided for in the specific laws applicable to the various subjects and, failing that, provided for in Law No 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions.

Article 62. Concurrence of sanctions and linkage to the criminal order.

1. The infringements and penalties provided for in this Law shall be without prejudice to those provided for in other laws and to actions and omissions which are classified as a criminal offence and the penalties provided for in the Criminal Code and special criminal laws, except set out in the following sections.

2. Conduct that would have been criminal or administratively punishable under this law shall not be punishable under this law where the identity of the subject, fact and legal basis is assessed.

3. At any time during the administrative procedure sanctioning the fact that the facts may be constitutive of criminal wrongdoing, the Secretariat of the Commission shall transfer the same to the Prosecutor's Office, requesting testimony on the action taken to the effect and shall agree to the suspension of the action until the communication referred to in the first subparagraph of the following paragraph is received or until judicial decision is taken.

4. If the Prosecutor's Office does not find merit in proceeding criminally against all or any of the required subjects, it shall inform the Secretariat of the Commission so that the administrative procedure may continue.

If, on the other hand, the Prosecutor's Office filed a complaint or complaint, it shall communicate that circumstance to the Secretariat of the Commission, as well as, where it occurs, the result of such actions.

5. The decision to be taken in the administrative penalty procedure shall, in any event, respect the facts found in the judgment.

Additional disposition. Loss of the equivalent third country condition.

They shall lose the status of an equivalent third country, for the purposes set out in Articles 4.2, 8.3, 9.1, 12.1 and 24.2, those States, territories or jurisdictions in respect of which the European Commission takes a decision in the provisions of Article 40.4 of Directive 2005 /60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and financing of terrorism.

The Directorate-General of the Treasury and Financial Policy shall keep on its website an up-to-date list of the States, territories or jurisdictions that enjoy the status of the equivalent third country.

First transient disposition. Rules for the development of Law 19/1993, of December 28.

Until the entry into force of the provisions of this Law, the Regulation of Law 19/1993 of 28 December on certain measures for the prevention of money laundering, adopted, shall remain in force. by Royal Decree 925/1995 of 9 June 1995 and its implementing rules, as soon as they are not incompatible with that law.

Second transient disposition. Sanctioning regime.

The sanctioning provisions of Law 19/1993 of 28 December on certain measures for the prevention of money laundering shall apply to acts committed prior to the entry into force of this Regulation. Law.

Transitional provision third. Competence to initiate sanctioning procedures.

Until the provisions of this Law enter into force, the competition to initiate sanctioning procedures will continue to be exercised by the Secretariat of the Commission on the Prevention of Money and Monetary Violations.

Transitional disposition fourth. Payment services.

Currency exchange establishments authorised for the management of transfers with the outside shall be understood to be among the subjects referred to in Article 2 as long as they have not been processed. in credit institution or in payment institution in accordance with paragraph 1 of the second transitional provision of Law 16/2009 of 13 November of payment services.

Transient disposition fifth. Membership of the Commission's Executive Service.

Until the entry into force of the Convention referred to in Article 45.3, the Executive Service shall be attached to the Banco de España, as set out in Article 24.1 of the Regulation of Law 19/1993 of 28 December 1993, approved by Royal Decree 925/1995 of 9 June.

Transitional disposition sixth. Arrangements for the implementation of pension commitments of entities whose shares are the bearer.

For the purposes of the provisions of Article 4.4, collective insurance contracts and pension plans formalized prior to the entry into force of this Law that instrument pension commitments of companies in compliance of the provisions of the Additional Disposition of the Recast Text of the Law on the Regulation of Pension Plans and Funds, approved by Royal Legislative Decree 1/2002 of 29 November, will retain its validity for the implementation of such commitments.

Transitional disposition seventh. Application of due diligence measures to existing customers.

Subject to the provisions of Article 7.2, the bound subjects shall apply to all their existing customers the due diligence measures laid down in Chapter II within a maximum of five years from the date of the the entry into force of this Law.

Transient disposition octave. Agreements with the supervisory bodies of financial institutions.

As long as the agreements referred to in Article 44.2.m are not signed, the existing collaboration agreements between the supervisory bodies of the financial institutions and the Service will remain in force. Executive of the Commission on the Prevention of Money Laundering and Monetary Violations.

Repeal provision.

Without prejudice to the provisions of the Second Transitional Provision, the entry into force of this Law shall be repealed by Law 19/1993 of 28 December on certain measures for the prevention of money laundering.

Final disposition first. Amendment of Law 12/2003 of 21 May on the prevention and blocking of terrorist financing.

1. New name is given to Law 12/2003, of 21 May, of prevention and blockade of the financing of terrorism, which happens to be called "Law 12/2003, of May 21, of blocking the financing of terrorism".

2. New wording is given to Article 4 of Law 12/2003, with the following literal wording:

" Article 4. Persons and entities obliged.

The Public Administrations and the subjects referred to in Article 2 of the Law on the Prevention of Money Laundering and the Financing of Terrorism are obliged to cooperate with the Supervisory Commission of the European Union. Activities of Financing of Terrorism and in particular to carry out the necessary measures to make the blockade provided for in Article 1 effective; in particular, they shall:

(a) Prevent any act or transaction involving the provision of balances and positions of any kind, money, securities and other instruments linked to capital movements or blocked payment or transfer operations, to exception of those for which new funds and resources flow to blocked accounts.

b) Communicate to the Supervisory Commission any type of income that can be made to the blocked account, without prejudice to the operation.

(c) Communicate to the Supervisory Commission, on its own initiative, any request or request which it receives in which the originator, issuer, holder, beneficiary or recipient is a person or entity in respect of which the Commission Monitoring has taken some action.

(d) To provide the Commission with the information it requires for the exercise of its powers.

e) Not to disclose to the client or third parties that information has been transmitted to the Surveillance Commission. "

3. Article 6 of Law 12/2003 is reworded, with the following literal wording:

" Article 6. Supervision and sanctioning regime.

1. The function of supervision and inspection of the Executive Service of the Commission on the Prevention of Money Laundering and Monetary Violations referred to in Article 47 of the Law on the Prevention of Money Laundering and the Financing of the terrorism extends to the fulfilment of the obligations laid down in this Law.

When of the inspection reports referred to in Article 47.3 of the Law on the Prevention of Money Laundering and the Financing of Terrorism, the failure to comply with any of the obligations laid down in the Law Article 4 of this Law, the Standing Committee of the Commission on the Prevention of Money Laundering and Monetary Infractions will bring it to the attention of the Commission on Surveillance of Terrorist Financing Activities.

2. Failure to fulfil the duties provided for in this Law shall be regarded as a very serious infringement of the effects provided for in Chapter VIII of the Law on the Prevention of Money Laundering and the Financing of Terrorism, and shall be sanctioned in accordance with what is available to you.

The references contained in this Chapter to the Secretariat and to the Standing Committee of the Commission on the Prevention of Money Laundering and Monetary Violations are to be understood by the Secretariat of the Commission of Surveillance and the Surveillance Commission, respectively.

The competition to propose the imposition of sanctions by the commission of the infractions provided for in this Law corresponds to the Minister of the Interior, and the competence to sanction, to the Council of Ministers. "

4. New wording is given to Article 9 of Law 12/2003, with the following literal wording:

" Article 9. Committee on Surveillance of Terrorist Financing Activities.

1. The Committee on the Surveillance of the Financing of Terrorism Activities is hereby established as the body responsible for agreeing to block all the operations defined in Article 1 of this Law, as well as the exercise of all the powers that be required for compliance with what is foreseen in this.

2. The Supervisory Commission shall be attached to the Ministry of the Interior and shall consist of:

a) President: the Secretary of State for Security.

b) Vocals:

1. A member of the Fiscal Ministry, appointed by the Attorney General of the State.

2. A representative of the Ministries of Justice, Interior and Economy and Finance, appointed by the owners of the respective departments.

(c) Secretary: who directs the organic unit to be performed by the Secretariat of the Surveillance Commission referred to in paragraph 4.

The President of the Commission, when he considers it appropriate, may convene experts in matters of his competence, for specific advice on any of the matters to be dealt with. The Director of the Executive Service of the Commission on the Prevention of Money Laundering and Monetary Violations shall attend the meetings of the Supervisory Commission with a voice but without a vote.

3. The members of this Commission are subject to the rules of liability established by the legal system and, in particular, with regard to the obligations arising from the knowledge of the information received and the data of a staff who are the subject of disposal, which may be used only for the exercise of the powers conferred by this Law. Experts who advise the Commission shall apply the same liability regime for all that they are aware of on the basis of their assistance to the Commission.

4. The Supervisory Commission shall exercise its powers with the support of the Secretariat of the Supervisory Commission, which has the authority of the Commission. The Secretariat shall be performed by the organic unit, with the rank of at least sub-directorate-general, of those existing in the Ministry of the Interior, which shall be determined.

It will be up to the Secretariat, among other functions, to instruct the sanctioning procedures to take place for the violations of this Law, as well as to formulate to the Commission of Surveillance the corresponding proposal of resolution.

5. Compliance with the reporting obligations referred to in Article 4 of this Law shall be carried out through the Secretariat of the Surveillance Commission.

6. The Commission on the Prevention of Money Laundering and Monetary Violations and the Commission on Surveillance of Terrorist Financing Activities will be given the maximum collaboration for the exercise of their respective competences. In the terms agreed between the two Commissions and without prejudice to the provisions of Article 45.3 of the Law on the Prevention of Money Laundering and the Financing of Terrorism, the Executive Service of the Commission on the Prevention of Money laundering and monetary offences shall inform the meetings of the Commission of Surveillance of its activity relating to acts or operations which provide evidence or certainty in relation to the financing of terrorism and, in particular, the financial intelligence reports that you have prepared in relation to this subject matter.

The powers of the Supervisory Commission are without prejudice to the powers of the Law on the Prevention of Money Laundering and the Financing of Terrorism to the Commission on the Prevention of Money Laundering and Monetary Violations. "

Final disposition second. Amendment of Law 19/2003 of 4 July on the legal regime of capital movements and economic transactions with the outside world and on certain measures to prevent money laundering.

1. New name is given to Law 19/2003, of 4 July, on the legal regime of the movements of capital and economic transactions with the outside and on certain measures of prevention of money laundering, which passes to "Law 19/2003 of 4 July on the legal regime of capital movements and economic transactions with the outside".

2. New wording is given to Article 12 (2) of Law 19/2003, with the following literal wording:

" 2. The jurisdiction for the opening and instruction of sanctioning procedures resulting from the application of the scheme provided for in the Law and for the imposition of the corresponding penalties shall be governed by the following rules:

(a) The jurisdiction for the opening and instruction of the sanctioning procedures shall be the responsibility of the Secretariat of the Commission on the Prevention of Money Laundering and Monetary Violations.

(b) The imposition of sanctions for very serious infringements shall be the responsibility of the Council of Ministers, on the proposal of the Minister for Economic Affairs and Finance.

(c) The imposition of penalties for serious infringements shall be the responsibility of the Minister for Economic Affairs and Finance, on the proposal of the Secretary of State for Economic Affairs.

(d) The imposition of penalties for minor infractions shall be the responsibility of the Director General of the Treasury and Financial Policy, on a proposal from the instructor. "

Final disposition third. Amendment of Law 35/2003 of 4 November of Collective Investment Institutions.

New wording is given to paragraph (j) of Article 43.1 of Law 35/2003, of 4 November, of Collective Investment Institutions, with the following literal wording:

" j) Having adequate internal control procedures and mechanisms to ensure the correct and prudent management of society, including risk management procedures, as well as control and security mechanisms in the field of computer and organs and procedures for the prevention of money laundering and the financing of terrorism, a system of related operations and an internal rules of conduct. The management company shall be structured and organised in such a way as to minimise the risk that the interests of IICs or clients are harmed by conflicts of interest between the company and its clients, including clients, between one of its clients and an IIC or between two IICs. "

Final disposition fourth. Basic character and competency titles.

This Law shall have the character of basic legislation in accordance with the provisions of Article 149.1.11ª and 13th of the Constitution.

Final disposition fifth. Regulatory development.

The Government is enabled to approve, within one year of the entry into force of this Law, the regulatory provisions for its implementation and development.

Final disposition sixth. Incorporation of Community law.

This Law incorporates into Spanish law Directive 2005 /60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and the financing of terrorism, developed by Commission Directive 2006 /70/EC of 1 August 2006 laying down detailed rules for the implementation of Directive 2005 /60/EC of the European Parliament and of the Council as regards the definition of "persons of the political environment" and the technical criteria applicable in the procedures simplified due diligence with respect to the customer as well as for the exemption for reasons of occasional or very limited financial activity.

Final disposition seventh. Entry into force.

This Law shall enter into force on the day following that of its publication in the "Official Gazette of the State".

The obligation to store copies of identification documents on optical, magnetic or electronic media, as set out in Article 25.2 and the obligations laid down in Article 41, is exempted from the foregoing. shall enter into force at two years and one year, respectively, of the publication of this Law in the "Official Gazette of the State".

Therefore,

I command all Spaniards, individuals and authorities to keep and keep this law.

Madrid, April 28, 2010.

JOHN CARLOS R.

The President of the Government,

JOSE LUIS RODRIGUEZ ZAPATERO