Introduction to AML in Spain

What is AML, and why it matters in your work

Anti-money laundering (AML) is the set of legal duties and day-to-day practices that stop criminals turning illicit money into legitimate assets. Property is one of the most attractive destinations for that money: high values, durable assets, international buyers and structures that can hide who really owns what. Spain's National Risk Assessment, SEPBLAC and FATF all identify real estate as a high-risk sector.

You are an obliged subject (sujeto obligado)

In force nowLey 10/2010, art. 2.1.n)

Ley 10/2010 applies directly to people who professionally carry out property development, agency, commission or intermediation in the purchase and sale of real estate. That means the duties in this course are yours personally as a firm and as a professional — they are not something the notary, the lawyer or the bank discharges on your behalf. Each obliged subject applies its own due diligence.

What Ley 10/2010 actually requires of you

In force nowLey 10/2010; Real Decreto 304/2014

The framework is Ley 10/2010 (de prevención del blanqueo de capitales y de la financiación del terrorismo) together with its implementing regulation, Real Decreto 304/2014. In outline:

• Due diligence on customers: formal identification, beneficial ownership, purpose and intended nature of the relationship, and ongoing monitoring (arts. 3-6)
• Applying those measures in proportion to risk, and enhanced measures in higher-risk situations (arts. 7, 11-16)
• Special examination of any operation that shows signs of being linked to money laundering or terrorist financing (art. 17)
• Reporting by indication to SEPBLAC through your firm's internal channel (art. 18) and refraining from executing the operation in defined cases (art. 19)
• Never revealing to the customer or a third party that a report has been made or that an examination is under way (art. 24)
• Retaining documentation for ten years (art. 25)
• Written internal policies and procedures, an internal control body and a representative before SEPBLAC (art. 26)
• Training your employees (art. 29)

The risk-based approach

In force nowLey 10/2010, art. 7; RD 304/2014

Not every client and not every transaction presents the same risk. The law requires you to apply due diligence measures in proportion to the risk you identify — from the customer, the country, the product or transaction type, and the distribution channel. A local resident buying a modest flat with a Spanish mortgage is not the same case as a newly incorporated offshore company buying a coastal villa with funds routed through three jurisdictions. You must be able to justify, in writing, why you treated a case as low, standard or high risk.

Who supervises you, and what happens if you get it wrong

In force nowLey 10/2010, Título VIII (arts. 50-61) — sanctioning regime

SEPBLAC is Spain's Financial Intelligence Unit and the supervisory authority for AML/CFT; the Secretaría General del Tesoro y Financiación Internacional handles the sanctioning procedure. Breaches are classified as minor, serious or very serious, with fines that scale with the seriousness of the breach and which can also reach directors and managers personally, alongside public reprimand.

• Failing to apply due diligence measures
• Failing to report an operation where there were indications of money laundering
• Revealing to the customer that a report has been made (tipping-off)
• Failing to retain documentation for the required period
• Failing to have the required internal policies, controls or training in place

Two rulebooks: today, and from 10 July 2027

Throughout this course, every obligation is labelled either as applying now under Spanish law, or as applying from 10 July 2027 under Regulation (EU) 2024/1624 (the EU AML Regulation, or AMLR). Do not apply the 2027 rules in place of current Spanish law before that date — Ley 10/2010 and RD 304/2014 remain the operative framework until then. Module 8 sets out what changes.