External expert report for the assessment of control measures for the prevention of money laundering

By Tuesday May 2nd, 2017 March 1st, 2023 Money Laundering

TCAB (Trust Conformity Assessment Body) will evaluate the control measures used in the “video onboarding”environments of financial institutions in the context of the recent regulation published for this purpose by SEBPLAC (Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses).

The Commission for the Prevention of Money Laundering and Monetary Offenses, which reports to the Ministry of Economy and Business Support of the Ministry of Economy and Competitiveness, created by Law 19/1993 of December 28th, is a collegiate body composed by representatives of different ministerial departments and Agencies, the Public Prosecutor’s Office, as well as the Autonomous Communities. It is the maximum responsible for the development of the anti-money laundering policy in Spain. Currently it is regulated by Law 10/2010, of April 28th, on the prevention of money laundering and the financing of terrorism.

The Commission has the support of the Secretariat, currently held by the General Subdirectorate for the Inspection and Control of Capital Movements of the General Secretariat of the Treasury and Financial Policy and the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses (SEPBLAC).

SEPBLAC is the Spanish financial intelligence unit and performs actions aimed at preventing the use of the financial system or of companies or professionals of another nature for money laundering, as well as the functions of investigation and prevention of administrative infractions of capital movements and economic transactions with other countries legal regime.

Article 28 of Law 10/2010 stipulates that the internal control measures referred to in article 26 of the previously mentioned Law will be subject to annual review by an external expert and those who wish to act as such should report it to the Executive Service of the Commission before starting its activity and inform the latter half-yearly of the list of obligated subjetcs whose internal control measures have been examined. This management has already been done by TCAB.

It is the responsibility of the obligated subjects to select suitable professionals, as well as to verify that the external examination is carried out in the terms established in Order EHA / 2444/2007, of July 31.

TCAB is an evaluation entity for products and services related to computer security and, in particular, to Electronic Service Providers of Trust, within the framework of the #eIdAS standard. It is governed by ISO 17065 and by EN 319 403 in relation to the Trust Service Providers Assessment.

An external expert report of internal measures assessment to prevent money laundering and terrorist financing. In particular, in application of the AUTHORIZATION OF PROCEDURES OF NON-PRESENCE IDENTIFICATION BY VIDEOCONFERENCE  published by SEBPLAC.

The aforementioned authorization allows the use by the legally bound party of non-presence videoconference identification procedures.

Leave a Reply