Regulatory Alerts2014-05-06
Royal Decree 304/2014 approving the Regulation of Law 10/2010 on the prevention of money laundering and terrorist financing
The Spanish Ministry of Economy and Competitiveness issued Royal Decree 304/2014 to implement the regulatory framework for Law 10/2010, establishing comprehensive obligations for preventing money laundering and terrorist financing. The decree mandates a risk-based approach for due diligence, requiring obligated entities to tailor their internal controls and customer identification procedures to their specific risk profiles and business volumes. It also institutionalizes the Financial Ownership Register, strengthens the Prevention Commission with a new Financial Intelligence Committee, and defines specific sanctions and data protection measures.
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