Due diligence and KYC
Breaches can be identified by SEPBLAC in the course of its supervision and inspection functions and sanctioned as a result. Ley 10/2010 distinguishes different procedures depending on the nature and severity of the breach; the specific liability and level of fine depend on the individual case (Art. 56–58 Ley 10/2010).
Ley 10/2010 grades infringements in three tiers: leve (minor, Art. 58), grave (serious, Art. 57) and muy grave (very serious, Art. 56). Which tier applies follows from the nature and severity of the breach (Arts. 51–53), not from the purchase price; the assessment in the individual case follows Art. 59. Alongside the fine against the agency stands the personal liability of directors and senior management (Arts. 54, 56.3 and 57.2), a liability route of its own that for serious infringements expressly reaches the external auditor (Art. 57.2.a). We do not quote specific figures here: they depend on the tier, on annual turnover and on the economic substance of the transaction, and cannot be stated in general terms.
Important for placing this correctly: a breach does not presuppose an actual money laundering case. What is sanctioned is the failure to meet the obligation itself — an identification not carried out, a UBO determination omitted, documentation missing. A missing record can therefore itself constitute a compliance issue in an inspection, even if the transaction turns out to be unremarkable in substance.
How such a breach is classified and to whom it is personally attributed depends on the individual case. For a smaller brokerage, the consequences can be existential.
Legal basis: Ley 10/2010, Art. 56–58
Practical tip: In practice the real risk is not ignorance but inconsistency: the check gets done carefully when there is time, and skipped when things have to move fast. The file that had to move fast is precisely the one that lands on the table years later.
AI-assisted tools were used in preparing these FAQs; the content was subsequently reviewed and approved by the Doxario editorial team. They reflect the general state of the law as at the review date shown and do not constitute individual legal or tax advice. To assess your own case — particularly where complex structures are involved (offshore companies, trusts, foundations, communities of heirs) or where the new EU rules leave room for doubt — we recommend consulting a lawyer specialising in Spanish anti-money-laundering law and, on tax questions, a tax adviser. Doxario is a deal management and compliance platform for estate agents in Spain, operated by Blue Pepper S.L.; we therefore have an economic interest in the solutions described in these FAQs. Doxario accepts no liability for decisions taken solely on the basis of these FAQs.
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