One should not be afraid, but must be familiar with the Spanish AML requirements (Law 10/2010 and Royal Decree 304/2014).
In a nutshell, under Spanish law, public notaries need to be provided by the appearers with the details of the UBO of any foreign legal entity that wants to formalize any financial or commercial transaction before a Spanish notary.
Who is the UBO in a legal entity?
Natural person(s) that owns or controls, directly or indirectly, more than 25% of the shares or voting rights in the entity or controls, directly or indirectly, over the management. In case that no individuals held such a direct or indirect stake or control, directors are to be regarded as the UBOS.
If the director is a legal entity, it shall be identified too, as well as the individual(s) acting on behalf of the director.
Exempted legal entities: (i) a financial entity located in the European Union or third countries with equivalent requirements (i.e. United States, among others); (ii) a listed company; or (iii) it is directly and wholly-owned (100%) by a listed company or financial entity.
ULTIMATE BENEFICIAL OWNER (UBO)
