Royal Decree 304/2014 was passed on 6th May 2014, approving the Regulation of Law 10/2010 on the prevention of money laundering and the funding of terrorism. Said Regulation concerns the obligations of subjects obliged by the referred to law regarding due diligence and reporting obligations.
Due diligence, which the reporting parties are required to exercise by law 10/2010, essentially refers to the obligation of verifying the identity of the parties who establish business relationships or intervene in any type of banking operation. This obligation is regulated taking into account the different types and volumes of operations. Therefore, some basic and general obligations are established for all reporting parties (provided that the operations in question exceed the amount of 1.000.- Euro per operation, either individually or jointly) and thereafter, either more simplified or reinforced obligations are added, depending on the volume and risk involved with the operation.
Likewise, the obligation to report established in article 31 of Law 10/2010 is implemented, as well as the obligation for internal control, especially with regard to information, which should be provided on operations involving risk. Finally, article 43 of said law is implemented, which anticipates the creation of a File of Financial Ownership. This File shall be the responsibility of the Secretary of State, and shall receive information corresponding to the opening or cancellation of savings, current, securities or deposit accounts from credit entities. The aforementioned file shall start to operate in the term of two years as from the passing of this Regulation.
The entry into force of this rule is that of the date of its publication, that is to say, 6th May 2014.
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16th May 2014
