What applies when two agencies work together on the same transaction?

Both agencies are sujetos obligados and each is responsible for its own KYC check. Cooperating releases neither of them from their duties. They should agree who obtains which documents to avoid duplication — but responsibility stays with each of them individually.

Where two agencies cooperate on a deal — one acting for the buyer, the other for the seller, say — five rules apply:

• Both are sujetos obligados: every agent who earns from the transaction or accompanies it falls under Ley 10/2010.
• No mutual discharge: "agency B did the KYC" does not work. Each keeps its own file.
• Coordination makes sense: in practice the introducing agency obtains the KYC documents and the other receives a copy. Each agency must nonetheless make its own plausibility assessment and risk classification.
• Reporting: on suspicion, each agency decides for itself whether it must inform SEPBLAC. As a rule one report naming the cooperating agency is sufficient.
• Documentation: cooperation agreements should set out how the compliance duties are divided — without any exclusion of liability.

Legal basis: Ley 10/2010, Art. 2.1 l), Art. 3

Practical tip: Cooperation between German and Spanish agencies is common. Agree in writing which agency keeps the KYC documentation. Where data crosses the border, the German agency must also comply with the General Data Protection Regulation (GDPR).