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Banca March, one of Spain’s largest banks, has been fined €605,424 for what authorities have deemed “very serious” breaches of anti-money laundering (AML) regulations. The bank, however, is challenging the decision, insisting that it adhered to AML compliance requirements.
The fine was imposed by the Commission for the Prevention of Money Laundering and Monetary Offenses and was formally approved by the Council of Ministers on September 3, 2024. It consists of two separate penalties of €302,712 each, along with official public warnings.
One of the fines was issued for the bank’s failure to apply enhanced due diligence measures, while the second was levied for not conducting a mandatory special examination.
“[The fines] are for very serious violations of the regulations on the prevention of money laundering,” the Commission stated.
The penalties relate to Banca March’s management of an account held by clients who had previously regularized funds through Spain’s Tax Agency. This was disclosed in a notice published in Spain’s Official State Gazette.
Banca March has confirmed that it is appealing the ruling, maintaining that it fully complied with AML laws.
“This is the payment of a debt arising from a tax regularisation operation that had the prior approval of the Tax Agency,” the bank said in its statement.
“Banca March accepted the payment after formally verifying its validation by the Tax Agency. The bank considers that its actions have been completely correct and in accordance with the legislation on the prevention of money laundering.”
The appeal process will now proceed to Spain’s Supreme Court, where the bank hopes to overturn the fine.
By fLEXI tEAM
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