Did You Know? Failing to Follow AML Rules Can Cost You Millions in Fines

💡 Did you know that real estate firms in Spain can be fined up to €10 million for AML non-compliance?

Common AML Violations That Lead to Fines

🚨 Accepting payments without verifying source of funds – Any property purchase without a mortgage requires clear documentation of where the money comes from.

🚨 Failing to identify the real buyer – Corporate purchases must go through Ultimate Beneficial Owner (UBO) verification.

🚨 Not reporting suspicious transactions – Agencies must report any unusual financial behavior to SEPBLAC.

Example Case: The €500,000 Fine That Could Have Been Avoided

A real estate agency in Costa del Sol was hit with a €500,000 fine because they failed to check where the buyer’s funds came from.

❌ The buyer used multiple accounts to transfer money into Spain.

❌ No source of wealth verification was conducted.

❌ The firm didn’t file a Suspicious Transaction Report (STR) despite red flags.

🔍 The Result? SEPBLAC imposed a heavy penalty, and the firm’s reputation was severely damaged.

✅ The Lesson? Non-compliance is costly—but completely avoidable with proper AML controls.

📌 CostaAML helps agencies prevent fines and meet all compliance requirements.