20 January 2020
SEPBLAC, in the macro-inspection it has been carrying out since last year, has focused on several private banking institutions, mainly those that use subsidiaries in Luxembourg and Switzerland to provide services to their clients, on which it could impose sanctions in the coming months.
The application of Law 10/2010 of 28 April 2010 on the prevention of money laundering and terrorist financing is therefore intensified, Article 3 of which states that: ‘Under no circumstances shall regulated entities maintain business relations or carry out transactions with natural or legal persons who have not been duly identified’.
You can read the full article here, which was published on 20 January 2020 in the digital version of the newspaper ‘El Confidencial’.
