Now that we are used to identifying the beneficial owner of a company when depositing the annual accounts, the Unique Additional Provision of Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing has included a new requirement: a document on provision of services to third parties when depositing the annual accounts has become mandatory.
The obligation to include this document in the accounts affects those consultancy firms and law firms that have provided any of the following services during the financial year:
1) Advisory services for incorporation of companies.
2) Management services (one or more members of the company performing the functions of management or non-advisory secretary of the Board of Directors or of providing external advice to a company).
3) Provision of the address of the registered office or a business address, correspondence or administrative address and other related services for a company.
4) Acting as a trustee in a trust or similar legal instrument or arranging for another person to perform those functions.
5) Acting as a shareholder on behalf of another person, other than companies that are listed on a regulated market of the European Union and that are subject to disclosure requirements in conformity with equivalent Union law or international law that guarantees adequate transparency of ownership information, or arranging for another person to exercise those functions.
What information should be provided on the document regarding
the provision of services to third parties?
1) Data which identifies the entity to which the previous services have been provided must be indicated: corporate name, N.I.F., address, financial year, etc. Likewise, the territorial area where the activity takes place, provinces and municipalities should be indicated, with details of provision of services to non-residents.
2) The volume of invoicing must be included in respect of each of the services on behalf of third parties, both in the year to which the accounts refer and in the preceding one and the number of operations carried out, distinguishing them according to the class or nature thereof.
Prior to the presentation of this document, the company that submits its accounts must register as a third-party service provider in the competent Commercial Registry according to its business address
On September 4 of the current year, the deadline to register as third-party service providers expired. Failure by companies to register the activities described above will be fined in accordance with the Law on the prevention of money laundering and may be ordered to pay a fine of up to 60,000 euros.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.