AML Obligations for Accountants and Tax Advisors in Spain

Tax advisors, accountants and gestorías (administrative and tax services firms) are obliged entities for anti-money laundering purposes under Law 10/2010. We help you set up your manual, your due diligence and your internal controls with a system proportionate to the size of your firm, without over-complying or falling short.

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Tax and accounting advice
Art. 2(1)(m)
Company services
Art. 2(1)(o)
Small-firm threshold
€2 million
Manual and internal control
Art. 26
Scenarios

Which services bring you into scope?

Not every advisory firm is in the same position. Whether you are covered depends on the services you provide. These are the most common scenarios.

Tax advisory

Tax and accounting advice

"Providing tax or accounting advice as your main professional activity makes you an obliged entity (Art. 2(1)(m))."

Gestoría

Company services

"Forming companies, providing a registered office or acting as a director on behalf of third parties triggers Art. 2(1)(o)."

Small firm

Simplified regime

"Small firms have a simplified internal control regime, but they are still obliged entities."

External accountant

External accounting

"Keeping the books of third parties as an external accountant also falls within the scope of the law."

What is at stake

Non-compliance is costly

A firm that does not meet its anti-money laundering obligations is exposed to a sanctions regime, and its directors can be held liable. Getting compliance right also protects the firm.

Law 10/2010 Obliged entity

Tax advisory firms, external accountants and gestorías are obliged entities depending on the services they provide.

Arts. 50 et seq. Sanctions regime

Infringements are classified as minor, serious and very serious, and the penalties can be substantial.

No manual or internal controls: missing procedures (Art. 26) are among the most common gaps in advisory firms.

Incomplete due diligence: failing to identify the beneficial owner or to document the risk leaves the client file incomplete.

Art. 24 No tipping-off

You cannot tell the client that a transaction has been reported or is being examined.

Assuming it does not apply: many firms assume their size exempts them, when coverage depends on the services they provide.

Does your firm comply with anti-money laundering rules?

We analyze your services, set up your manual and your due diligence under the regime that matches your size, and prepare you for SEPBLAC.

I want to get compliance right
Frequently asked questions

AML for accountants, tax advisors and gestorías: common questions

Is a tax advisory firm an AML obliged entity?

Yes. Art. 2(1)(m) of Law 10/2010 expressly lists statutory auditors, external accountants and tax advisors (and anyone who provides assistance or advice on tax matters as their main professional activity) among obliged entities.

What about gestorías?

It depends on their services. If they provide tax or accounting advice, they are covered by letter (m). If they provide company services (forming companies, providing a registered office, acting as a director on behalf of third parties), they are also covered by Art. 2(1)(o).

My firm is small. Does it still apply to me?

Yes. Obliged-entity status depends on the services you provide, not on your size. That said, Royal Decree 304/2014 provides a simplified internal control regime for small firms, scaled proportionately.

What counts as a "small" firm?

As a general rule, the regulation looks at firms with fewer than 10 people and turnover or a balance sheet below €2 million, for certain activities. In those cases, internal control measures are applied in a simpler way.

What specific obligations do I have?

The main ones: due diligence (client and beneficial owner), manual and internal control (Art. 26), record keeping (Art. 25), suspicious transaction reporting to SEPBLAC and no tipping-off of the client (Art. 24).

Do I need an AML/CFT manual?

Yes. The manual and internal control procedures are a core obligation. Their scope is adapted to the size and services of the firm, but documenting the system is essential to prove compliance.

Who supervises compliance?

SEPBLAC is the supervisor. Suspicious transaction reports go to SEPBLAC, and it can request information or inspect the firm’s AML system.

Do I need an external review?

The rules provide for an external expert review of the internal control measures, with the frequency and scope set by the regulation. For small firms, this requirement may be adjusted. It is best to analyze your specific case.

Practical guide

How to set up AML compliance in your firm, step by step

Anti-money laundering compliance in an advisory firm or gestoría does not have to be a burden. With a well-documented system proportionate to the size of the firm, you comply and protect the firm without getting in the way of day-to-day work.

The starting point

Confirm what brings you into scope

First, find out which services make you an obliged entity: tax or accounting advice (Art. 2(1)(m)) or company services (Art. 2(1)(o)). That determines the scope.

The system

Build what is proportionate

Manual, due diligence and internal control adapted to your size. If you are a small firm, the simplified regime in the regulation lightens the load.

The evidence

Document and train

Identification, risk analysis and decisions must be documented, and the team must be trained to spot red flags. That is what proves diligence.

AML for an advisory firm in 10 steps

  1. Identify which services make you an obliged entity (Art. 2(1)(m) and (o)).
  2. Determine whether you qualify for the simplified regime for small firms.
  3. Carry out a risk analysis of your client portfolio and services.
  4. Draft the AML/CFT manual and the internal control procedures (Art. 26).
  5. Define due diligence: identification of the client and the beneficial owner.
  6. Set out when to apply enhanced measures based on risk.
  7. Design the procedure for detecting and analyzing suspicious transactions.
  8. Define reporting to SEPBLAC and the prohibition on disclosure to the client.
  9. Organize record keeping for the legal retention period.
  10. Train the team and schedule the periodic review or the external review where required.

Want to review your current system? See our AML/CFT audit or the general framework for anti-money laundering.

Your firm’s AML in practice

From new client to client file: how it works in practice

Anti-money laundering compliance in an advisory firm is a practical exercise: for each new client, you need to identify them properly, assess the risk, monitor transactions and keep everything documented. This panel sets out that workflow.

Identification of the client and the beneficial owner1) Identify

Know your client

For each new client, we identify the client and the beneficial owner and understand the purpose of the relationship and of the services.

  • Client
  • Beneficial owner
  • Purpose
Risk analysis of the client file2) Risk

Assess the risk

We classify the risk of the client and of the service to decide whether standard or enhanced due diligence measures apply.

  • Low risk
  • High risk
  • Enhanced measures
Detection and analysis of suspicious transactions3) Red flags

Spot red flags

We analyze red flags and, where appropriate, report to SEPBLAC without disclosing anything to the client.

  • Red flags
  • Analysis
  • No tipping-off
Documentation and retention of the client file4) Document

Document and retain

We record the identification, the risk analysis and the decisions, and keep the client file for the legal retention period.

Tip: the size of your firm changes how you comply, not whether you comply. A small firm has a simplified regime, but it is still an obliged entity.
Decision map by service providedQuick decision

Which letter brings you into scope?

Tax / accounting

Tax advice or external accounting: Art. 2(1)(m).

Company services

Forming or managing companies on behalf of third parties: Art. 2(1)(o).

Both

Many gestorías provide both: both letters apply.

AML playbook for advisory firms

Which services bring you into scope and how, case by case

Service
Subject to AML?
Legal basis

Tax advice

Yes, as a main professional activity.

Law 10/2010, Art. 2(1)(m).

External accounting

Yes: external accountant for third parties.

Law 10/2010, Art. 2(1)(m).

Forming companies

Yes: company services on behalf of third parties.

Law 10/2010, Art. 2(1)(o).

Registered office / directorship

Yes: providing a registered office or acting as a director.

Law 10/2010, Art. 2(1)(o).

Payroll and employment services only

Analyze: if there is no tax or accounting advice and no company services, it may fall outside the scope.

Case by case.

Mistakes that leave your firm exposed

Avoiding them is what separates real compliance from compliance on paper.

  • Believing that the size of the firm exempts it from compliance.
  • Not identifying the beneficial owner of corporate clients.
  • Not having a manual or internal control procedures.
  • Not training the team to spot red flags.
  • Telling the client that a transaction is being examined or reported.
Practical glossary

Key AML concepts for advisory firms

If your advisory firm or gestoría is an obliged entity, these terms come up in the manual, in client files and in your dealings with SEPBLAC. Understanding them helps you comply without surprises.

Art. 2(1)(m)Tax

Advisors and accountants

Covers statutory auditors, external accountants and tax advisors, and anyone who advises on tax matters as their main activity.

The basis for most advisory firms.
Art. 2(1)(o)Companies

Company services

Covers anyone who forms companies, provides a registered office or acts as a director on behalf of third parties.

Typical of gestorías.
Obliged entityConcept

Who must comply

A natural or legal person bound by Law 10/2010 because of the services it provides.

Depends on the service.
Small firmRoyal Decree 304/2014

Simplified regime

Firms with fewer than 10 people and less than €2 million in turnover or balance sheet, with lighter internal controls.

Not an exemption from compliance.
Due diligenceKYC

Know your client

Identification of the client and the beneficial owner and assessment of the purpose of the relationship.

The foundation of the client file.
Beneficial ownerArt. 4

Who is behind it

The natural person who ultimately controls or benefits from the client or the transaction.

Key for companies.
Internal controlArt. 26

Manual and procedures

The set of policies, manual and procedures the firm must have in place to prevent money laundering.

Proportionate to size.
SEPBLACSupervisor

AML authority

The body that receives suspicious transaction reports and supervises compliance.

Where reports are sent.
External reviewReview

Expert review

Review of the internal control measures by an external expert, at the intervals set by the regulation.

Can be adjusted for small firms.
Contact

Book a call

Tell us what services your advisory firm or gestoría provides and we will tell you which AML obligations apply and how to set up a proportionate system.

Anti-money laundering (AML) for accountants, tax advisors and gestorías

Tax and accounting firms and many gestorías are obliged entities for anti-money laundering and counter-terrorist financing purposes under Law 10/2010 and its implementing regulation, Royal Decree 304/2014. Coverage does not depend on what the firm calls itself but on the services it provides.

Which services make you an obliged entity

Art. 2(1)(m) covers statutory auditors, external accountants and tax advisors, as well as anyone who provides assistance or advice on tax matters as their main professional activity. Art. 2(1)(o) adds those who provide company services on behalf of third parties: forming companies, providing a registered office, acting as a director or as a trustee, among others. Many gestorías are covered under both.

The regime for small firms

Royal Decree 304/2014 singles out smaller obliged entities (as a general rule, fewer than 10 people and turnover or a balance sheet below €2 million) in certain activities and applies a simplified internal control regime to them. Being small does not exempt you from compliance: it only changes how you comply.

Which obligations apply

The firm must apply due diligence (identification of the client and the beneficial owner), put in place a manual and internal control measures (Art. 26), keep records (Art. 25), report suspicious transactions to SEPBLAC and respect the prohibition on disclosure to the client (Art. 24). In certain cases, the rules provide for an external expert review of the internal control measures.

Supervision and consequences

The supervisor is SEPBLAC. Non-compliance can trigger a sanctions regime that classifies infringements as minor, serious and very serious. A proportionate, well-documented AML system is the firm’s best defense in an inspection.

Law 10/2010 Royal Decree 304/2014 Art. 2(1)(m) Art. 2(1)(o) Due diligence Beneficial owner SEPBLAC Small firm

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Official sources

Key legislation, linked to the official text:

Legislation and links reviewed in .

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