What is SEPBLAC?

The Executive Service of the Commission of the Prevention of Money Laundering and Monetary Offenses is also known as SEPBLAC (Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias).

They play an important role in Spainʼs efforts in preventing illicit financial crime. They serve as the countryʼs Financial Intelligence Unit (FIU) and supervisory authority. SEPBLAC is important, especially for enforcing Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations.

For companies that are operating in Spain or have international transactions involving Spanish entities, it is important to have an understanding of SPEBLACʼs regulatory functions and compliance obligations in order to have lawful and authorized operations.

SEPBLAC's Legal and Institutional Framework

Under the authority of the Ministry of Economy and Digital Transformation, SEPBLAC also collaborates closely with institutions such as the Bank of Spain, the National Securities Market Commission (CNMV), and the Ministry of the Interior. Their regulations are governed by domestic legislation and it is shaped on account of Spainʼs commitment to aligning its standards to international AML/CFT standards and norms.

What Are The Key Laws and Regulations?

Spainʼs anti-financial crime regulations are enforced by SEPBLAC, ensuring the country's alignment with European Union and United Nations standards, specifically in the sectors of financial prevention and sanctions compliance.

Core Functions of SEPBLAC

There are two roles that SEPBLAC functions as, the Financial Intelligence Unit (FIU) and a Supervisory Authority. SEPBLAC leads Spainʼs AML and CFT efforts. These two roles allow SEPBLAC to perform a wide range of duties aimed at protecting the integrity of the financial systems and supporting the adherence to compliance frameworks globally.

1. Financial Intelligence Collection and Analysis

SEPBLAC plays a critical role in the collection and analysis of intelligence to combat financial crimes. The foundational core of SEPBLACʼs operations is the process of collecting and evaluating of financial intelligence in order to detect illicit financial activities.

• They review and assess Suspicious Transaction Reports (STRs) which are submitted by entities such as financial institutions, real estate agents, and crypto service providers. These reports are highly important for flagging possible financial crime
• SEPBLACK also engages with EU FIU across Europe via the FIU.net platform, and globally through its membership, such as the Egmont Group, which secures cross-border cooperation.
• Through analyzing transactional data, SEPBLAC identifies abnormal behavior, patterns, and overall red flags related to money laundering, terrorism financing, and any other financial crimes, which help contribute to stronger law enforcement efforts.

2. Sanctions Enforcement

The responsibility of SEPBLAC is to oversee the efforts of sanctions imposed by the EU and other international bodies.

• They ensure that sanctions targeting specific individuals, entities, or jurisdictions are highly enforced to comply with Spainʼs financial system
• In collaboration with banks and other private institutions, SEPBLAC assists in freezing assets, blocking transactions, and other restrictive measures.
• The agency also offers compliance guidance so as to help businesses have a complete understanding and comply with their obligations under sanctions laws.

3. Supervisory and Enforcement Powers

SEPBLAC acts as a regulatory watchdog, ensuring that entities under its supervision comply with AML/CFT laws. As a regulatory body, SEPBLAC monitors whether entities under its jurisdiction comply with AML/CFT legislation.

• It conducts on-site inspection audits and other supervisory activities in order to asses compliance with relevant laws and regulations.
• When a violation occurs, SEPBLAC is responsible for enforcing administrative sanctions, issuing a formal warning, or declaring a serious breach to the judiciary for criminal investigations.
• Additionally, SEPBLAC helps in providing training and support to businesses that are regulated, helping them have stronger internal controls and compliance controls.

4. Licensing and Authorization Reviews

SEPBLAC also plays in evaluating the licensing process for financial institutions and other regulated entities.

•   They carry out a fit-and-proper assessment to guarantee that applicants are suitable or capable of meeting AML/CFT obligations
•   This includes reviewing the strength of their framework, internal controls, and risk management procedures, which ensure they meet the standard regulations before granting an operational license.

Who Should Comply with SEPBLAC Rules?

SEPBLAC exercises oversight over a broad spectrum of entities referred to as “obligated entitiesˮ under Spanish AML legislation. These entities are legally required to implement robust AML programs, conduct risk-based monitoring, and report suspicious activities to SEPBLAC.

SEPBLAC also oversees a broad range of organizations that are classified as “obligated entitiesˮ under Spainʼs AML laws. These entities are legally instructed to implement comprehensive AML frameworks, accomplish risk-based due diligence, and report any suspicious financial behavior to the SEPBLAC Categories of Obligated Entities, which include:

Financial Institutions:

• Banks
• Credit and lending institutions 
• Payment service providers
• Insurance companies handling large financial transactions

Non-Financial Businesses and Professionals (DNFBPs):

• Real estate agents involved in property transactions
• Legal and accounting professionals (auditors, notaries, and lawyers) 
• Dealers in high-value goods (art, precious metals, and gemstones)

Emerging Sectors:

• Cryptocurrency platforms and Virtual Asset Service Providers (VASP) are mirroring their role in the financial system.
• Gambling companies (online betting and gaming services)

Entities that are mentioned must follow Customer Due Diligence (CDD), apply Enhanced Due Diligence (EDD) for higher-risk scenarios, and have strong internal practices in order to detect and prevent financial crimes.

Filing Suspicious Transaction Reports (STRs) with SEPBLAC

Obligated entities are required to detect and report suspicious activity immediately to SEPBLAC, using platforms like the GOAML portal.

Each STR should have:

• Customer Information: Complete identification of the individual or business involved
• Transaction Details: A clear allocation of the suspicious transaction, which includes value, method, and source of funds
• Basis for Suspicion: Specific reasons why the activity seems to be irregular or suspicious
• Supporting Documents: Relevant KYC data, statements, or correspondence.

SEPBLAC in Numbers (2025 Updates)

SEPBLAC continuously plays a significant role in improving Spainʼs AML/CFT efforts, with its latest figures, which underscore its increased enforcement and international collaboration;

• Over 8,500 STRs were submitted and analyzed
• €480M in assets frozen through disrupting an illicit network by sanction enforcement
• Collaboration with more than 25 international FIUs, heightening the strength of cross-border efforts

(Source: SEPBLAC Annual Report 2024)

How to Stay Compliant with SEPBLAC Rules

Staying compliant is important, and organizations must take an active position in a risk-based approach that protects themselves while aligning with legal and ethical standards.

Best Practices to Ensure Compliance:

• Adopt a Risk-Based Approach

Develop an AML program that is tailored and will cater to your organizationʼs size, industry, and the complexity of the operations. So, this indicates a regular risk assessment in order to identify any possible vulnerabilities, anticipate potential threats and assign compliance resources where they are necessary.

• CDD and EDD (Customer Due Diligence and Enhanced Due Diligence):

Review every customer through due diligence, allocating extra scrutiny, particularly on high-categories including, including Politically Exposed Persons (PEPs) or entities located in high-risk jurisdictions. Enhanced Due Diligence (EDD) should have a deeper process of investigations and verification, including an in-depth understanding of a higher-risk customer profile

• Training:

Delivering consistent AML training across all organizational levels. Staff can include frontline staff, all the way to executive leadership. Training should fully cover how to detect abnormal and suspicious behavior, while complying with sanctions requirements, and recognize common money laundering schemes. Educated staff are key factors in maintaining an enhanced compliance culture.

• Use Technology:

Using advanced compliance tools and technologies for sanctions screening, transaction monitoring, and regulatory reporting. These real-time compliance tools enhance the capability of detecting suspicious activity in a timely and accurate manner. As a result, this improves the efficiency of the operation at the same time minimizing the risk of manual oversight.

By implementing these outstanding practices, businesses do not only their alignment with SEPBLACʼs regulatory standards, but they also play an important role in enhancing Europeʼs collective efforts in order to prevent money laundering and terrorist financing.

Supporting SEPBLAC Compliance With Sanction Scanner

Sanction Scanner helps streamline AML and reporting efforts through:

• Real-Time Sanctions Screening: We can do a name screening instantly against EU and UN lists
• Ongoing Monitoring: We consistently assess risk across clients and transactions
• Audit-Ready Reports: We can provide you a detailed report aligned with SEPBLAC standards
• AI-Powered Accuracy: Minimize mistakes and boost efficiency

Stay compliant and reduce manual tasks using Sanction Scanner.