Money Laundering Prevention: avoid risks

Regulatory compliance according to Law 10/2010, of April 28th

1. A commitment to security and transparency

At Fuster & Associates we have been advising international clients for more than 25 years on property transfers, immigration, and taxation. An essential part of our work consists of ensuring that all the transactions we handle fully comply with current legislation.
Money Laundering Prevention (MLP) is a legal obligation that protects the integrity of the financial system and helps combat criminal activities. Our commitment to these regulations is not only a regulatory requirement, but also a guarantee of security, transparency, and trust for our clients.

2. Applicable legal framework

The main regulations in this matter are:

• Law 10/2010, of April 28th, on the prevention of money laundering and terrorist financing.
• Royal Decree 304/2014, of May 5th, approving the Regulation of Law 10/2010, of April 28th, on the prevention of money laundering and terrorist financing.

This law establishes the procedures and obligations that must be fulfilled by the so-called obligated parties, which include lawyers and advisors in certain circumstances, especially when they participate in real estate, tax, or corporate operations.

3. What is considered money laundering?

For the purposes of this Law, assets originating from criminal activity shall be understood as any type of assets whose acquisition or possession originates from a crime, whether material or immaterial, movable or immovable, tangible or intangible, as well as documents or legal instruments regardless of their form, including electronic or digital formats, which certify the ownership of such assets or a right over them, including the defrauded amount in the case of crimes against the Public Treasury.

4. How does Fuster & Associates apply the regulations?

As a firm involved in real estate, tax, and advisory services for international clients, we are subject to the controls and procedures required by Law 10/2010.
In practice, this includes:

• Prior verification of each client’s identity.
• Identification of the beneficial owner of the funds or transactions.
• Request and analysis of documentation regarding the origin of the funds.
• Ongoing monitoring of transactions and the professional relationship.

5. Information and documentation we request

To comply with the law and ensure a secure service, clients will be asked for:

Personal identification

• • Full name and date of birth, valid identification document (passport, ID, NIE), and country of issue.
  • Country of residence and nationality.
  • Address, marital status, marital economic regime, profession, whether they are a politically exposed person…

Beneficial ownership
When a client acts on behalf of a company, entity, or corporate structure, they must provide:

• • Information on the ownership percentage.
  • Data on intermediary entities.
  • Documentation allowing verification of who ultimately controls the transaction.

Documentation we request from individuals

• Last two income tax returns.
• Last three payslips.
• Bank account ownership certificate.
• Documentation related to the origin of the funds.

Documentation we request from legal entities:

• Deed of incorporation.
• Tax Identification Code (CIF).
• Corporate tax return and annual accounts.
• Bank account ownership certificate.
• Business card, if available.
• Beneficial owner.
• Documentation related to the origin of the funds.

6. Monitoring and controls: why are they necessary?

The law requires obligated parties to maintain continuous monitoring of the client relationship. For our clients, this means that:

• We may request additional information if the transaction requires it.
• We will carry out reasonable scrutiny of transactions to verify consistency with the provided profile.
• We will maintain updated documentation to comply with legal requirements.

This monitoring is not a sign of mistrust, but rather a compliance protocol that protects both the client and the firm.
We will assist you with the process.

7. Special or high-risk situations

If during the review of a transaction any irregularity, contradiction, or indicator of risk is detected, the law requires a special examination of the transaction.

8. Protection and retention of client information

The information and documentation collected is protected with strict security and confidentiality measures.
Its use is limited to fulfilling legal obligations and it is only shared with third parties when there is an explicit legal requirement.

We want to help you navigate all the legal complexities that come with your home buying in Spain, but this article is legal information and should not be seen as legal advice.