News

The number of corrective actions taken against companies with anti-money laundering-related deficiencies hit a new high in Spain last year while AML-related monetary penalties returned to normal, suggesting that the country's regulators have adopted a new approach. Sepblac, Spain's primary AML supervisor; Bank of Spain; the National Securities Market Commission, or CNMV; and the Directorate General of Insurance and Pensions Funds, or DGSFP, which regulates insurance, together assessed 16 fines for €19.1 million last year, marking a sharp drop from the record of €72 million assessed in 2023. Apart from a €150,000 assessed against Madrid-based real estate firm Veganarcea for...