Classes of money laundering offenses

Very serious offenses

According to article 51 of Law 10/2010, of April 28, on the prevention of BC / FT, the following behaviors will be considered very serious offenses:

1.            Breach of the duty to notify SEPBLAC (in accordance with article 18 of the aforementioned Law) when any manager or employee of the obligated subject has internally revealed the existence of indications or the certainty that an event or operation was related to the BC / FT (existence of suspicious operations).

2.            Breach of the collaboration obligation (according to article 21 of the aforementioned Law) when there is a written request from the Commission for the Prevention of Money Laundering and Monetary Offenses.

3.            Breach of the prohibition of disclosure (in accordance with article 24 of the aforementioned Law) to the client or to third parties that information has been communicated to the SEPBLAC or that any operation that could be related to money laundering or financing is being examined or may be examined terrorism, or the information provided by the SEPBLAC to the obliged subject on the course given to the communications.

4.            Resistance or obstruction of the inspection work, provided that there is an express written request from the acting personnel in this regard.

5.            Failure to comply with the obligation to adopt the corrective measures communicated at the request of the Standing Committee in accordance with the articles that require it in Law 10/2010, of April 28, PBC / FT , when there is a deliberately rebellious will to compliance.

6.            The commission of a serious offense when, during the previous five years, a final administrative sanction had been imposed on the obligated subject for the same type of offense.

Serious offenses

According to article 52 of Law 10/2010, of April 28, on the prevention of BC / FT, the following behaviors will be considered serious offenses:

1.            Failure to comply with formal identification obligations (in the terms of article 3 of the Law).

2.            The breach of identification obligations of the beneficial owner (in the terms of article 4 of the Law).

3.            Failure to comply with obligations to obtain information on the purpose and nature of the business relationship (in the terms of article 5 of the Law).

4.            Failure to comply with the obligation to apply continuous monitoring measures to the business relationship (in the terms of article 6 of the Law).

5.            Failure to comply with the obligation to apply due diligence measures to existing clients (in the terms of article 7.2 and the seventh transitory provision of the Law).

6.            Failure to comply with the obligation to apply enhanced due diligence measures, in the anticipated cases (in the terms of articles 11 to 16 of the Law).

7.            Failure to comply with the obligation of special examination (in the terms of article 17 of the Law).

8.            Failure to comply with the obligation to notify by indication (in the terms of article 18 of the Law) when it should not be classified as a serious offense.

9.            Failure to comply with the obligation to abstain from execution (in the terms of article 19 of the Law).

10.         Failure to comply with the obligation of systematic communication (in the terms of article 20 of the Law).

11.         Failure to comply with the obligation to collaborate with the Commission for the Prevention of Money Laundering and Monetary Offenses and with its support bodies when there is a written request from one of its support bodies (in the terms of article 21 of the Law).

12.         Failure to comply with the obligation to preserve documents (in the terms of article 25 of the Law).

13.         Failure to comply with the obligation to approve in writing and apply adequate internal control policies and procedures, including the written approval and application of an express policy for the admission of clients (in the terms of article 26.1 of the Law).

14.         Failure to comply with the obligation to communicate to the Executive Service of the Commission the proposed appointment of the representative of the obligated subject, or the refusal to address the objections or observations made (in the terms of article 26.2 of the Law).

15.         Failure to comply with the obligation to establish adequate internal control bodies, including, where appropriate, technical units that operate under the terms provided in article 26.2 of the PBC / FT Law.

16.         Failure to comply with the obligation to provide the representative before the Executive Service of the Commission and the Internal Control Body (OCI) with the material, human and technical resources necessary for the exercise of their functions.

17.         Failure to comply with the obligation to approve and keep at the disposal of the Executive Service of the Commission an adequate and updated manual for the prevention of money laundering and terrorist financing (in the terms of article 26.3 of the Law).

18.         Failure to comply with the obligation of external examination (in the terms of article 28 of the Law).

19.         Failure to comply with the obligation to train employees (in the terms of article 29 of the Law).

20.         Failure to comply with the obligation of the obliged subject to adopt the appropriate measures to maintain confidentiality regarding the identity of the employees or managers who have made a communication to the Internal Control Bodies (in the terms of article 30.1 of the Law).

21.         Failure to comply with the obligation to apply the measures provided for in article 31 of the Law with respect to branches and subsidiaries with majority participation located in third countries .

22.         Failure to comply with the obligation to apply international financial countermeasures in the terms of article 42 of the Law.

23.         Failure to comply with the obligation, established in article 43 of the Law, to declare the opening or cancellation of current accounts, savings accounts, securities accounts and time deposits.

24.         Failure to comply with the obligation to adopt the corrective measures communicated at the request of the Permanent Committee when there is no deliberately rebellious will to comply.

25.         The establishment or maintenance of business relationships or the execution of prohibited operations.

26.         Resistance or obstruction to the inspection work when there has not been an express and written request from the acting personnel in this regard.

Minor offenses

Minor infractions will be those breaches of obligations specifically established in the PBC / FT Law that do not constitute a very serious or serious infraction in accordance with the provisions of sections 8.1.1 and 8.1.2 ( art. 51 and 52 of Law 10/2010, of April 28, of PBC / FT).