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Act 10/2010 on the Prevention of Money Laundering and Terrorist Financing aims to protect the integrity of the financial system and other economic sectors by establishing prevention obligations for money laundering and terrorist financing. These obligations apply to all financial institutions within the European and Spanish banking systems.
This law sets out the principles and criteria for preventing money laundering and terrorist financing, which form the foundation of our procedures and activities. Our entire team is required to understand and adhere to these principles, both in internal management and when dealing with third parties. To ensure compliance, we have developed and implemented the necessary policies in line with current regulations, fulfilling all required communication and reporting obligations. We are also supervised by SEPBLAC (Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses) for these purposes.
A key obligation for us is Know Your Customer (KYC), This term refers to the processes we implement to ensure a deep understanding of our clients and continuous monitoring of their activities. This thorough knowledge aids in preventing money laundering and terrorist financing by allowing us to accurately identify the origin and destination of funds, verify the consistency of customers’ banking and financial activities, and understand the economic, financial, and asset background of all parties involved. This ensures that our operations comply with established rules and principles.
Consequently, it is crucial to clearly identify all individuals involved in transactions, as well as the ultimate beneficial owner behind them.
Money laundering is a criminal offence involving the process of legitimising funds derived from illegal activities, affecting all levels of involvement or complicity.
Terrorist financing involves providing and gathering funds for use in terrorist activities.
As central players in global financial systems, banks have obligations and responsibilities to combat money laundering and terrorist financing. They must implement all necessary mechanisms and controls to detect such operations effectively.
Bank of Africa Europe continuously reviews and implements necessary control standards across all its processes, including internal procedures, computer systems, and databases, in compliance with relevant regulations and principles.
In addition, the bank runs an awareness and continuous training programme for all staff, which serves as an essential preventive measure and ensures compliance with legal requirements.
In line with international, European, and national regulations, Bank of Africa Europe implements the necessary controls to comply with current restrictive measures against states, countries, territories, entities, and individuals. These measures may include trade or financial sanctions that prohibit certain operations and transactions and/or require the freezing of assets of specific persons or entities.
To enforce these measures, the bank employs an effective system for screening, analysing, and blocking any transaction that shows even the slightest hint of violating these rules.
According to the regulations set by the US Treasury Department and the USA PATRIOT Act, financial institutions wishing to maintain a USD correspondent account with a US entity must possess the relevant certificate.
In this context, Bank of Africa Europe, as an active participant in the international market, maintains USD accounts with US correspondent institutions and complies with the necessary certification requirements.
