Consultancy on the prevention of Money Laundering

The obligations established within the regulatory framework regarding the prevention of money laundering and the financing of terrorism require that the entity has defined and implemented specific procedures in the prevention of money laundering, as well as approved an adequate internal structure.

In this sense, the consultancy work we offer from PBK Asesores includes both the initial adaptation to current legislation and the control of daily compliance.

The obliged subjects, according to current regulations on the prevention of money laundering and the financing of terrorism, must comply with at least the following obligations:

• Establish internal control procedures, including the elaboration of the express policy of admission of clients and the catalogue of risk operations, likely to be related to money laundering or terrorism financing.
• Document such procedures in the appropriate manual for the prevention of money laundering and the financing of terrorism, which will be signed by the entity's management. 
• Appoint a Representative before the SEPBLAC that will be responsible for compliance with information obligations.
• When it is mandatory, the entity must set up the Internal Control Body, as well as the Technical Unit, in appropriate cases.
• Analyse operations that may be suspicious, to conclude whether or not the consideration as such.
• Communicate suspicious activity reports to the SEPBLAC, in accordance with the information obligations established for the entity.
• Address the information requirements of the SEPBLAC and other authorities on issues related to money laundering or financing of terrorism, in compliance with the obligations of collaboration with the organs of the Commission.
• Prepare training events for the employees so that they are aware of the regulations on the prevention of money laundering and the financing of terrorism, preparing and approving the corresponding annual training plan on the prevention of money laundering and financing of terrorism.
• Comply with confidentiality in relation to all actions related to transactions suspicious of being related to money laundering or financing of terrorism, its analysis and its investigation and communication.
• Have the procedures and internal control and communication bodies on the prevention of money laundering audited annually by an external expert registered with the SEPBLAC, and perform the internal reviews periodically.

If your company has not yet adapted the bodies and procedures to the legislation on the prevention of money laundering and the financing of terrorism, the following actions should be taken at the beginning of the project that will allow us to regularize the company's situation and comply properly with the regulations on the prevention of money laundering and the financing of terrorism.

• The Management Body must constitute the Internal Control Body (OCI) with one member for each business line of the company.
• The Management Body must also appoint the Representative before the SEPBLAC. In the case of companies that are natural persons, the representative will be the Business Owner, and in the case of legal persons, the representative must be a person who holds the position of administration or management of the company. The registration of the Representative before the SEPBLAC must be communicated using the official approved and published forms (F22). This form must be sent to SEPBLAC.
• Preparation of the previous self-assessment report on the risk of money laundering and financing of terrorism.
• The Manual of Procedures on the Prevention of Money Laundering and the Financing of Terrorism will be drafted and approved, as an initial step to be able to carry out the adaptation of your company to the current legislation. In addition, it allows you to have a clear reference on how to proceed in each situation. PBK will help the Management of the company to prepare said Manual, which must be approved by the Management Body of the company, or by the Internal Control Body (OCI). 
• Finally, but not least, the initial training of all the workers of the entity that may be found at risk must be carried out. PBK can be responsible for providing such training, or advice on what is the most convenient way to carry it out.

Our consultants study your needs, proposing the solutions that best fit the characteristics of your company and offering all the necessary help to implement them.