The money laundering prevention system fines BBVA with 4.8 million euros

The Executive Service of the Money Laundering Prevention Commission (Sepblac) gives BBVA another slap on the wrist. According to the bank in its annual report, the surveillance system sanctions the entity with 4.8 million euros for the procedures used to supervise the group's subsidiaries, which is added to another million-dollar fine received in previous years. BBVA has appealed this latest sanction in court.

“The Standing Committee of the Commission for the Prevention of Money Laundering and Monetary Offenses has considered that there are certain aspects of the policies and procedures used for the supervision of BBVA subsidiaries and branches in third countries that should have greater development at the corporate level, communicating a sanction consisting of a fine of 4,829,250 euros and a private reprimand, which is being appealed before the competent courts,” the bank explains in the annual report, as it has advanced The confidential. These are events that occurred during the 2023 financial year.

That is, the reason for the sanction is the absence of a protocolized system within the bank that avoids this type of situation. Sources from the entity chaired by Carlos Torres assure that they are committed to the fight against money laundering. “BBVA has a global model that is applied in all the geographies in which the group has a presence with the aim of preventing and detecting this type of behavior by employees and customers. This model is constantly evolving and is continually reviewed by internal and external supervisors and auditors,” these sources emphasize.

Before that year, as the text recalls, there are other processes underway for alleged infractions related to the prevention of money laundering and the financing of terrorism, “which led to the imposition of a sanction prior to the 2023 financial year in the amount of 13,127,004 euros, and that has not entailed payments for the entity in the 2023 financial year. This resolution, for the moment, is not final and there is another appeal against it by the bank. This is the largest fine of this type in Spain.

It should be remembered that the Spanish judicial authorities are also investigating the activities of the company Cenyt, led by retired commissioner José Manuel Villarejo. “As of the date of preparation of the financial statements, no formal charges have been made against the bank for any crime. By order of the criminal chamber of the National Court, the investigation phase ended on January 29, 2024. It is not possible to predict at this time the possible results or implications for the group of this matter, including potential fines and damages or damage to the reputation of the group derived from this,” adds the annual report.

In addition, just a few weeks ago it was learned that the bank lost in the National Court the appeal against the sanction of six million euros that the Bank of Spain imposed on it in 2020 for failing to comply with the mortgage protection regulations, known as the Good Code. Practices approved in 2012.

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