The notary's fight against money laundering: a guardian of economic integrity

In Notary of Barcelona, our work as notaries transcends the mere formalization of documents; we are key players in the prevention of money laundering and financing from terrorism. This responsibility is unavoidable and fundamental to the integrity of our economic system. In this article we will explain what the obligations of the notary in the fight against money laundering.

The notary as an obliged subject:

Law 10/2010, of April 28, on the prevention of money laundering and the financing of terrorism (LPBCFT), expressly designates us as obligated subjects (Article 2.1, section ñ). This condition implies a series of rigorous duties to prevent businesses from legal rights that we authorize to be used for illegal purposes.

Our main obligations (KYC – Know Your Client):

  1. Formal identification: We must identify all natural or legal persons who intend to establish business relationships or participate in any transaction. This includes obtaining reliable identification documents. Business relationships are not maintained with unidentified individuals.
  2. Identification of the beneficial owner: It is crucial to identify the natural person or persons who Ultimately, they own or control more than 25% of the capital or voting rights of a legal entity, or who exercise control through other means. This obligation is key to revealing who truly benefits from or controls the transaction. Notaries play a fundamental role in contributing to the Beneficial Ownership Database (BDTR).
  3. Purpose and nature of the business relationship: We must obtain information about the purpose and intended nature of the business relationship, and reasonably verify the accuracy of this information.
  4. Continuous monitoring: We constantly monitor the relationship of business to ensure that transactions match our knowledge of the client, their business activity and risk profile, including the source of funds.

Additional measures:

  • Enhanced due diligence: We apply stricter measures in situations of higher risk, such as operations with publicly responsible persons (PRP) or with risk countries.
  • Reporting suspicious transactions: We must inform the Service Executive of the Commission for the Prevention of Money Laundering and Monetary Offenses (SEPBLAC) any act or operation, even an attempt, if there is evidence or certainty that it is related to money laundering or terrorist financing.
  • Document preservation: We maintain the documentation that proves the application of due diligence measures and special examination of transactions for a minimum of ten years.
  • Internal control: We establish internal policies and procedures, including a Prevention Manual, to manage risks and fulfill our obligations.

When we intervene in the constitution of a deposit, especially if the amounts are significant or if the parties or the transaction present risk factors, all of these obligations are fully activated. The origin and destination of the funds, the identity of the depositors and beneficiaries, and the coherence of the operation with the profile of the clients are subject to rigorous scrutiny.

At Notaría Bosch, we are committed to transparency and legality, contributing actively to the integrity of the economic and financial system.