What is an examen especial?

An examen especial is the in-depth review of a transaction that is suspicious or unusually complex. The agent must carry it out as soon as there are indications of money laundering. The process and the outcome are documented; where the review produces a well-founded suspicion, SEPBLAC must be informed.

Art. 17 Ley 10/2010 requires the estate agent to carry out an examen especial in three situations: where a transaction is unusually complex, where it appears to serve no discernible economic or lawful purpose, or where there are indications of money laundering or terrorist financing. The duty applies regardless of the purchase price.

In practice it involves four steps:

• a renewed, deeper analysis of the client structure and the transaction arrangements
• clarifying the economic background — why this property, why this price
• documenting every step of the review and its findings in writing
• a reasoned decision on whether a report to SEPBLAC is required

The distinction matters: PEP status or an offshore structure alone does not yet justify an examen especial. But where further irregularities come on top — an inexplicably low price, unusual haste, or anonymous intermediaries handling the funds — that combination can be exactly what triggers it.

Legal basis: Ley 10/2010, Art. 17; Real Decreto 304/2014, Art. 25

Practical tip: The examen especial is triggered on a risk basis, not automatically because of nationality or where the property sits. Document each step of the review with a time stamp.