Obligations relating to the prevention of money laundering and terrorist financing

The main obligations applicable in the Basque Country regarding the prevention of money laundering and terrorist financing (AML/CFT) are set out in Law 10/2010, of 28 April, on the prevention of money laundering and terrorist financing, and in Royal Decree 304/2014, of 5 May, approving the Regulations of Law 10/2010.

Based on the above regulations, conducting certain transactions requires those who intend to take part in them to be asked, prior to their execution, to provide certain documents identifying the transaction and the person carrying it out, all within the scope of the AML/CFT regulations.

The AML/CFT regulations are applicable to transactions involving liable parties, such as financial institutions, notaries, tax advisors, auditors, lawyers and real estate developers, among others, with their customers and potential customers, regardless of whether they are Spanish residents or non-residents.

Liable parties are, in general, subject to due diligence obligations (aimed at identifying and obtaining knowledge of those individuals or legal entities that intend to establish business relations with liable parties), information and internal control measures.