Spain's Law 10/2010: what's changing in the annual external AML expert report

Entities obliged under Spain’s Law 10/2010 on the prevention of money laundering must check every financial year whether their external expert report reflects the latest regulatory updates. This article summarises, in plain terms, the three changes with the most practical impact this year and the filing deadlines to mark on the calendar.

What’s changing this year

The report template adds new risk-assessment sections by distribution channel and strengthens the documentary traceability required for know-your-customer (KYC) processes. In practice, this means reviewing internal client onboarding procedures before the external expert issues their report.

Deadlines

The report must be available before the close of the following financial year, and it’s worth starting the review at least two months in advance to correct any findings before the deadline.

What we do at Baker Tilly

We support obliged entities in banking, insurance, real estate and tax advisory in preparing the external expert report, from the initial diagnosis to delivery of the signed report.