Anti-money laundering and terrorism financing requires entities to set effective rules and procedures in order to carry out financial operations in accordance with current regulations, the most advanced international standards and the related recommendations issued by the Financial Action Task Force (FATF).
In Spain, Law 10/2010 of 28 April 2010 on anti-money laundering and the related implementing regulations set out the obligations that obliged subjects must meet depending on their corporate purposes and activity.
In Bankinter Group, money laundering and terrorism financing prevention represents a strategic objective and an ethical commitment to society as a whole and to the fulfilment of related control standards. Therefore, it has created a control framework which sets out its anti-money laundering and terrorism financing policies as well as how to comply with the international financial sanction programmes, control procedures and the corporate governance framework found in the Anti-money laundering and terrorism financing policies and procedures manual.
For the purpose of this control framework, the terms below are defined as follows:
The participation in any activity that aims to acquire, possess, use, convert, transfer, conceal or disguise the nature, origin, location, disposition, movements or the actual ownership of assets or rights over these, knowing that they proceed from a criminal act or participation in a criminal act.
The supply, deposit, distribution or collection of funds, by any means, directly or indirectly with the intention that they be used entirely or in part to commit a crime of terrorism.
International financial sanctions
Political, economic and diplomatic instruments used by countries and international institutions have influence upon the containment of terrorism, the defence of human rights, armed conflicts and the control over the development of weapons of mass destruction.