Imposed by the Commission for the Prevention of Money Laundering and Monetary Offenses, the EUR 605,424 fine was officially approved by the Council of Ministers back in September 2024. The penalty includes two separate fines of EUR 302,712 each, as well as public warnings. However, Banca March, which is one of the largest banks in Spain, is disputing the regulators’ decision, underlining that it adhered to all AML compliance requirements.
Spanish regulators issued one of the fines due to the bank’s failure to implement augmented due diligence practices, while the second one was imposed for not conducting a mandatory special examination. The Commission highlighted that the fines were significant violations of the regulations on the prevention of money laundering. Additionally, the fines are linked to Banca March’s management of an account held by clients who have formerly regularised funds through Spain’s Tax Agency. The information was disclosed as part of a notice published in Spain’s Official State Gazette.
At the time of writing, Banca March confirmed its plans to appeal the decision, highlighting its full compliance with AML regulations. Commenting on the announcement, representatives from the bank mentioned that this represented the payment of a debt coming from a tax regularisation operation that had the prior approval of the Tax Agency. Also, Banca March stated that it accepted the transaction after previously confirming its validation by the Tax Agency. The financial institution considers that its actions and practices were correct and fall in line with the legislation on the prevention of money laundering.
Moreover, the appeal process is set to proceed to Spain’s Supreme Court, where Banca March expects to overturn the EUR 605,424 fine.
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