Anti-money laundering enforcement against banks, money services businesses and other AML-regulated institutions in Spain nearly doubled in volume from 24 completed actions in 2020 to 46 in 2021, according to Tesoro Publico, the country's Treasury. But the combined value of penalties assessed by the Commission for the Prevention of Money Laundering and Monetary Offenses, which oversees AML supervision in Spain, dropped from €20.5 million to €9.6 million, an aggregate that still falls short of the agency's record €13.1 million fine in 2020 and previous record €11.4 million fine in 2019. The combination of more frequent enforcement with softer penalties suggests...
Spanish authorities disclosed that they assessed their largest anti-money laundering related penalty to date in 2020, but declined to name the financial institution for fear of destabilizing their country's economy.
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