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AML Examinations Nosedive in Spain

By Gabriel Vedrenne

The annual volume of regulatory inspections of banks and other businesses regulated for anti-money laundering purposes has fallen from a peak of 77 in 2018 to only nine last year in Spain, where the quality of AML supervision previously drew high praise. In a 7-page report, the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses, or Sepblac, which doubles as Spain's financial intelligence unit and primary AML supervisor, disclosed that banks and other companies in the country filed 12,800 suspicious transaction reports in 2022 after filing 11,500 in 2021. But the marginal increase in...

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