Within the framework of the internal control measures provided for by Law 10/2010 of April 28, of prevention of money laundering and the financing of terrorism, obligated subjects must approve in writing And apply appropriate policies and procedures in matters of due diligence, information, document conservation, internal control, risk assessment and management, guarantee of compliance with the relevant provisions, communication and admission of clients, in order to prevent and impede operations related to money laundering or the financing of terrorism.
Insurance brokers and obligated subjects included in sections i) au) of article 2.1 of Law 10/2010, of April 28, who employ less than 10 people and whose turnover or annual balance sheet does not exceed 2 million euros. However, this exception will not apply to obligated subjects integrated into a business group that exceeds these figures.
These policies They must be based on a prior risk analysis and will be documented in a prevention manual.
Prevention Manual
The analysis will identify and evaluate the risks of the obligated subject by types of clients, countries or geographic areas, products, services, operations and distribution channels, taking into consideration variables such as the purpose of the business relationship, the level of assets of the client. , the volume of operations and the regularity or duration of the business relationship. The risk analysis will be reviewed periodically and, in any case, when a significant change is verified that could influence the risk profile of the obligated entity.
For his part, the Prevention Manual will include As minimum and, among others, the following aspects:
- The client admission policy of the obligated subject.
- A structured due diligence procedure and application of due diligence measures.
- A list of events or operations that may be related to money laundering or the financing of terrorism.
- A detailed description of the internal information flows, with precise instructions to the directors, employees and agents of the reporting entity on how to proceed in relation to events or operations that may be related to money laundering or terrorist financing.
- A structured special examination procedure.
- A detailed description of the operation of the internal control bodies.
- The measures to ensure knowledge of the internal control procedures by the directors, employees and agents of the regulated entity, including their dissemination and the carrying out of training actions in accordance with an annual plan.
- The measures to be adopted to verify compliance with the internal control procedures by the directors, employees and agents of the obligated subject.
- A periodic verification procedure of the adequacy and effectiveness of internal control measures.
- The periodic updating of internal control measures.
- A document preservation procedure.
This Manual must be kept updated and will be available to the Commission Executive Service and, in the case of an agreement, of the supervisory bodies of the financial entities.
He Master in Compliance & Data Protection Management trains you to acquire the necessary skills to perform specialized tasks in two of the most relevant areas for both private businesses as for public administrations: data protection and regulatory compliance or Compliance.
