CNMV to finalize money laundering prevention regulations

The Spanish National Securities Market Commission (CNMV) announced it will finalize new regulations regarding the prevention of money laundering and terrorist financing (PBCFT) within the coming weeks. This decision follows a review of the first reporting cycle for the 2025 fiscal year.

While the CNMV, led by Carlos San Basilio, noted that the overall quality of information reported by entities is adequate, the regulator identified several areas for improvement. Specifically, the review uncovered erroneous and inconsistent data, as well as details that could indicate failures in meeting compliance obligations. The commission noted that a large number of entities failed to report adequate alerts regarding transaction types, participants, and amounts, and few provided warnings regarding special examinations or suspicious indicators.

The CNMV reminded obligated entities that they must maintain risk analyses, written policies, internal control bodies, and representatives before Sepblac. Additionally, entities are required to undergo annual external examinations and implement annual training plans to ensure staff can detect suspicious operations.