Regulatory Alerts2012-02-29
Circular 1/2012 of the Bank of Spain to Payment Service Providers on Reporting Rules for Cross-Border Economic Transactions
The Bank of Spain issued Circular 1/2012 to require registered payment service providers to report cross-border transactions, including non-resident account movements and cash shipments, on a monthly basis. The regulation establishes a 50,000 euro exemption threshold for individual transactions and mandates that deposit institutions verify and update the residency status of account holders. This circular replaces previous reporting directives, which are repealed on January 1, 2014, while the new rules entered into force on June 1, 2012.
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