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Anti-money laundering

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  • Law 10/2010 on Anti-Money Laundering
  • Anti-money laundering policies in the Bankia Group

Law 10/2010 on Anti-Money Laundering

As per Law 10/2010 on Anti-Money Laundering, all financial institutions are required to keep an electronic copy of certain customer documentation for the purpose of verifying a customer’s identity, business or professional activity or the source of their funds.

Failure to comply with this legal requirement, will oblige us by law to establish operating limits, block and even cancel all accounts contracted by customers who do not provide said documents.

REQUIRED DOCUMENTATION

Consequently, in order to continue offering services to our customers, we require your help in obtaining copies of the required documentation. The following documents may be needed:

  • Proof of identity:
    • Natural person: Spanish ID card, Spanish residence card, passport, etc.
    • Legal entity: Deed of incorporation, articles of association or equivalent certificate issued by the Companies Register, along with a declaration(1) issued by the company’s representative identifying the beneficial owner (2)
  • Document accrediting business or professional activity. One or another of the following documents must be presented depending on the type of customer or activity in question:
    • Proof of membership to professional institute or otherwise (issued within last 12 months)
    • Proof of payment of self-employed social security contributions
    • Proof of registration with tax authorities
    • Last personal income tax return
    • Personal income tax withholding statement issued within last 12 months
    • Annual or quarterly VAT return submitted within last 12 months, or equivalent tax return
    • Business tax return
    • Other documents providing proof of the source of funds and activity of a customer (for non-resident natural persons only)

It is essential that you provide these documents to us if we request them.

Please submit this documentation through your usual customer manager or visit one of our branches where we will digitalise the documentation.

For further information, call 902 246 810

(1) A notarial deed identifying the company’s beneficial owner or a certificate issued by the company’s director/s can also be submitted.

(2) Beneficial owner:

  • Natural person/s who ultimately, directly or indirectly, hold/s or control/s 25% or more of the capital or voting rights of a legal entity; or who is/are granted through agreements, bylaw provisions or other means direct or indirect control over the management of a legal entity. (Companies listed in a regulated market in the European Union or equivalent countries outside the European Union are excluded.)
  • Natural person/s who own/s or controls 25% or more of the assets of a vehicle or legal entity managing or distributing funds; or, if the beneficiaries have still not been designated, the category of person for the benefit of whom the legal vehicle or entity has been established.
  • When no natural person/s, directly or indirectly, hold/s or control/s over 25% of a legal entity’s capital or voting rights or exercise/s direct or indirect control over the legal entity by any other means, it is considered that the director or director thereof exercise/s control. When the appointed director is a legal entity, it is considered that control is exercised by the natural person designated to represent the said legal entity.

General statement on anti-money laundering and terrorist financing policies in the Bankia Group

Money laundering and terrorist financing destabilise financial markets due to the volume of such activities and their global nature, since they produce speculative movements and uncertainty that can affect the credibility of financial institutions in their relations with regulators and society in general. Concern about this problem has therefore increased among the international community in recent years and numerous countries around the world are adopting increasingly stricter rules to combat this menace to modern society.

The BFA/Bankia Group, which comprises Banco Financiero y de Ahorros, S.A. and Bankia, S.A., as well as the subsidiaries of both companies that are obliged to comply with the applicable regulations, is aware of the significance of this problem and the role that financial institutions and other economic agents play in preventing it. It therefore wishes to declare its full cooperation with the relevant authorities, combining its efforts with the rest of the Spanish financial system to combat money laundering and terrorist financing.

The Bankia Group's efforts are focused on establishing obligatory rules and procedures designed to:

  • Comply with the anti-money laundering laws that apply at any given time and the recommendations issued by international organisations, the Financial Action Task Force (FATF) and national and international authorities.
  • Establish customer acceptance policies and KYC procedures.
  • Implement operating regulations and control systems and appropriate communications in order to prevent its units from being used for money laundering and terrorist financing.
  • Properly conserve documents, including those that identify and justify the activity, purpose and nature of the business relationship with the customer, for the time required by the applicable laws and regulations.
  • Promote and ensure a culture of prevention and regulatory compliance among all Group employees by means of specific and effective training plans, as well as other measures designed for this purpose.
  • Supervise the work carried out by the Group by means of internal and external audits in order to verify the correct functioning of the anti-money laundering and terrorism financing system.

A summary of Bankia's manual on its global anti-money laundering and terrorism financing policies, as well as the Wolfsberg Group anti-money laundering questionnaire, can be consulted below.

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