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INSIGHT: AML penalties in Spain double following targeted inspections

SPAIN FINES: In March, BBVA revealed in its annual report that Sepblac had hit the lender with a €4.8 million charge due to perceived issues with the company’s money laundering prevention system. BBVA is appealing the fine. File photo shows Madrid street scene.

By AML Intelligence Correspondent SOME €57 million in AML penalties was imposed against financial institutions in Spain last year, a new record which is double the previous highest amount. The figure includes the amount of fines imposed by Sepblac, Spain’s Financial Intelligence Unit (FIU), and other regulators, in 2023. The 2023 figures is a dramatic…

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