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The KYB serves as the primary data source for verifying businesses and conducting corporate due diligence in over 250 countries and states.
Whitepapers
Navigating the Complexity of ownership from the lens of Sanction by Extension
Mitigating Business verification complexity with The KYB in MENA Region
Featured Resources
Corporate KYC: Helping Businesses Ensure Compliance & Mitigate Risk
Corporate Screening – Mitigating Fraud Risks Across Industries
A Comprehensive Guide to Business Verification in the Crypto Industry
Identify UBOs Across Diverse Industries with KYB Solutions
Why must Banks Implement Know Your Business (KYB) in Business Onboarding?
Role of Business Verification in International Payment Gateways
KYB for Global Operations: How to Create Cross-Border Business Verification?
Onboard businesses with our swift KYB verification.
Expand globally without facing non-compliance challenges
Identify high-risk corporate clients while uncovering UBOs
Mitigate the risk of onboarding a shell company.
Partner with trusted companies and beneficial owners
Fortify your supply chain and ensure enhanced security
Mitigating Business Verification Complexity with The KYB in MENA Region
How to Verify a Company in Spain? An Ultimate Guide
How to Verify a Company in Turkey? An Ultimate Guide
How To Verify a Company in Indonesia? An Ultimate Guide
Corporate Transparency Act: Navigating Exemptions, Office Requirements, and UBOs
How to Check if a Company is Legally Registered?
FinCEN Tightens Real Estate Rules: New Reporting Mandates for Title Companies
How To Verify a Company in Mexico? An Ultimate Guide
How to Verify a Company in Brazil? An Ultimate Guide
What is Vendor Risk Management? A Comprehensive Guide
How to Verify a Company in China? An Ultimate Guide
Significance of Corporate Investigations in Protecting Business Reputation
Vendor Compliance: A Necessity for Businesses in 2024?
FinCEN Issues New Guide on Corporate Transparency Act Compliance
How to Verify a Company in Hungary? An Ultimate Guide
Difference Between Shell, Shelf, and Front Company
Corporate Sustainability Due Diligence Directive: A New Check?
Significance of EIN Verification to Ensure Business Legitimacy
Why is KYB FinTech Essential for Preventing Fraud?
Top 3 Mistakes in KYB Compliance and How to Avoid Them
5 Reasons Why Your Business Needs Vendor Due Diligence
What is A Shelf Company? What Every Business Should Know
Business Activity Codes: An Instant Way to Classify Companies?
Business Registration Lookup: Verify Legitimacy of Organizations
How Does Document Retrieval Service Help in Business Verification?
How to Verify a Company in Italy? An Ultimate Guide
How to Verify a Company in the Netherlands? An Ultimate Guide
How to Do Business Background Check in 2024?
Know Your Vendor: Helping Businesses Reevaluate Partnerships
Why Sanctions Screening Matters for Businesses in 2024?
What is Financial Crime Compliance? A Complete 2024 Guide
What is A Front Company? A Comprehensive Guide
BOI Reporting: Mitigating Non-Compliance Challenges in Corporate World
The Essential Sanctions Compliance Guide for Businesses
Behind Closed Doors: Can Corporate Fraud Undermine Your Business?
Top 5 Signs Indicating Trade-Based Money Laundering
What is Corporate Compliance? A Comprehensive 2024 Guide
Industry Expert Answer How to Check If A Company Is Legit?
3 AML Experts Answer How to Verify Ultimate Beneficial Owner (UBO) Amidst Its Challenges
Current State Of Business Verification In South Korea
5 Major RegTech Trends & How Companies Can Leverage Them for Benefits
Dirty Money in Paradise? Dubai Leaks Triggers Ownership Concerns in Real Estate Sector
Current State of Business Verification in India
How to Verify a Company in France? An Ultimate Guide?
How to Verify a Company in Japan? An Ultimate Guide
How to Verify a Business in Germany: An Ultimate Guide
New AML Screening Feature in The KYB Streamlines Corporate Compliance
Current State of Business Verification in Australia
Current State of Business Verification in Canada
How to Verify a Company in Bahrain? An Ultimate Guide
Who’s Pulling the Strings? Unveiling Persons with Significant Control
Adverse Media Screening: A Way Forward to Uncover Hidden Business Risks
Is Your Business Safe? Unmask the Hidden Risk Through KYB Checks
What is E-KYB? A Comprehensive 2024 Guide
The KYB Appoints Mark Bain as the New Chief Executive Officer
Business KYC Guide: Managing Risk & Verifying Companies
How to Ensure KYB Verification in South Africa? A Comprehensive Guide
Business Address Verification: Securing Companies Onboarding Process
How to Collect & Verify Beneficial Owner’s Information for Compliance
What is Corporate Due Diligence? What Every Business Needs to Know
How to Save Your Company from Business Identity Theft in 2024?
In-Depth Guide on Merchant Onboarding: How it Works and Best Practices
Business Verification Trends & Challenges in 2024
Shell Companies: A Significant Threat for Businesses Worldwide
Mapping Risks And Challenges of KYB in the MENA Region
How to Ensure Fraud Prevention with Effective Business Verification?
What is Third Party Due Diligence? A Comprehensive Guide to Combat Risk
The INFORM Consumers Act: Ensuring Legitimacy of the Ecommerce Sector
The KYB Expands its Reach to 250+ Countries – Offering B2B Verification Globally
What is Enhanced Due Diligence? A Comprehensive Guide
Business Verification: Navigating the Path to Ensure Company Legitimacy
Canada’s Financial Authority Imposes $7.4m Fine on Royal Bank of Canada
A Guide to Business Verification for Owners in 2024
The KYB Introduces Enhanced Fraud Prevention Solution to Help Businesses Combat Shell Company Partnerships
US Announces Enforcement Actions to Regulate Cryptocurrency Businesses
A Comprehensive Guide to AML Risk Assessment and its Importance for Businesses in 2023
KYB Compliance – Detecting and Preventing Fraud in Cross-Border Payments
Turkey Purposes New Rigid Regulations to Register Crypto Businesses
Fraud Awareness Week – What it is and Why is it Important?
Top 4 Ways to Reduce Chargeback Claims
UK Discloses Final Proposal to Regulate Crypto Trading Businesses
How to Verify the Legitimacy of a Business Using KYB Compliance Solutions
Role of KYB Verification in Gaming and Gambling – A Comprehensive Guide
Turkey Plans to Introduce Strict Regulations to Secure Crypto Businesses
5 Reasons Your Business is Spending Too Much Money on KYB Checks
FATF Endorses Latest AML Regulations in the Final Plenary Meeting
A Comprehensive Guide to the Accredited Investor Verification Process
The KYB Successfully Attains CCPA Certification | Representing Exemplary Data Privacy Protocols
CySEC Warns Non-AML Compliant Cyprus Investment Firms
The KYB | Building Trust Among Businesses Through KYB Verification
FinCEN Intends to Utilize Digital Streaming Platforms to Spread Beneficial Ownership Reporting Measures
A Step-by-Step Guide to Effortless and Legitimate Corporate Onboarding
European Union Introduces MiCA Laws to Regulate Opaque Crypto Firms
UK Law Society Ensures Solicitors Complying With AML Measures
A Comprehensive Guide to KYB Regulations in the USA
Expected KYB Verification Trends in 2024: A Detailed Insight
Kenya Takes Over Leadership of the Eastern and Southern African Anti-Money Laundering Group
US Charges Chinese Companies to Leverage Crypto For Illicit Activities
Qatar Commercial Bank Harnessing Digital Platforms To Foster Innovations in Financial Sector
Sanctions and PEP Screening: Ensuring Compliance with KYB Regulations
Streamline Business Operations and KYB Onboarding Processes
EBA Reveals Final Date to Comply with Remote Customer Onboarding Regulations
Deutsche Bank Pledges Taking Convenient Steps to Rebuild Trust on Postbank’s Services
KYB and Fraud Prevention: Safeguarding Your Business
CFATF Successfully Concludes 4th Round Mutual Evaluation of Guyana
H1’23 Recap: Know Your Business and Anti-Money Laundering Fines Worldwide
A Comprehensive Guide to UK AML and KYB Regulations and Complexities
CFTC Crackdown on DeFi Platforms for Noncompliance with Trading Regulations
Adequate KYB Verification Service for Seamless Business Onboarding
Spotify Becomes the Hub of Money Laundering for Scammers in Sweden
The Ultimate Guide to Business Verification (KYB)
Citigroup Agrees to Pay $2.9m Fine on Shortcomings in Record-Keeping Regulations
Unleash the Potential of Your Business with KYB Checks
The Comprehensive Guide to Ultimate Beneficial Owner (UBO)
Building Trust in Business Relationships: Leveraging Know Your Business Services
Digital KYB Checks: Simplifying Verification for SMEs in 2023
Financial Firms Under Investigation for Money Laundering in Singapore
From Compliance to Confidence: The Role of KYB in Compliance
Driving Growth and Security in 2023 with KYB Verification Services
KYB and KYC: Exploring the Differences and Similarities
Leveraging KYB for Enhanced Due Diligence in Business Onboarding
KYB Best Practices: Steps to Ensure Effective Business Verification
10 Reasons Know Your Business Services are Essential for Modern Enterprises
AI-Powered Know Your Business: Unveiling the Hidden Potential of KYB Due Diligence
Stay Ahead of the Game: Harnessing Know Your Business Verification Services for Competitive Advantage
The Ultimate Guide to Know Your Business Services: A Comprehensive Overview
Unlocking the Power of Know Your Business – Enhancing Trust and Mitigating Risk
A trio is accused of stealing $1.5 million from a woman who was seeking Australian citizenship
The importance of KYB solutions in Streamlined business operations
Featured Blogs
Featured News
Featured Press Releases
Featured Case Studies
Featured White Papers
API Integration
The KYB Developers Hub
We are excited to empower developers with all the information needed to utilize the full potential of our API. This comprehensive documentation serves as a guide to seamlessly integrate our API into applications, unlocking a world of possibilities.
Featured Knowledgebases
What is KYB?
KYB stands for Know Your Business, which is a due diligence process that companies use to verify the identity and legitimacy of their business partners or customers.
Blogs
24 October, 2024
Spain offers a promising business environment where tourism sectors regain some of the strength they lost in previous years. After the deadly COVID-19 pandemic, the government has been focusing on implementing the Recovery and Resilience Plan in order to boost the overall economy. However, due to multiple challenges, such as increased public debt, complex regulations, and social exclusion, doing business in Spain is not easy. Operating a business in the country is extremely challenging, mainly with regard to business verification and compliance with regulations.
To verify a company in Spain, you will have to face multiple challenges. This can complicate your business operations, impeding company growth in the long run. This is because, in terms of business verification and regulatory compliance, vigilant jurisdiction is required to verify a company in Spain. If you are a business owner, financial institution, or startup considering verifying the legal status of any Spanish organization, this comprehensive guide will help you understand and simplify the business verification procedure.
If you are looking to verify a company in Spain, you must screen it against the public registry. The official business verification portal in Spain is managed by the National Securities Market Commission (CNMV). This government portal allows you to look up information on any Spanish company you wish to verify. Besides checking the legal status of the business, you can also get access to legal business information, such as financial data and public alerts issued by foreign regulators.
On the CNMV portal, in the registration files section, there is an option called “companies search,” where you can search any legal entity with its registered name.
When you press enter, you are taken to the relevant business entity.
This portal allows you to search for a specific business even if you do not have the official name of the company with which it is registered. You can just enter any relevant phrase that forms part of the company’s name, and it will allow you to retrieve information about the business filed officially in CNMV registries.
While verifying a business at the official portal for company verification in Spain, you will have the following challenges:
In Spain, the portal only has basic search options, making it difficult for individuals to refine the results or locate specific companies without detail. When verifying a business, there should be multiple input parameters in the portal so that a user can better authenticate it and be fully satisfied. Limited search options on the CNMV portal make it challenging to narrow down searches or find organizations with incomplete information.
If you are a non-Spanish businessperson, you will find it challenging to navigate through the portal because of the unfriendly website interface and insufficient instructions. This can lead to confusion for you, especially if you are using a business verification portal for the first time.
Limited access is another big challenge when verifying a company in Spain. Some of the essential information on the portal is missing, making it challenging for users who need huge amounts of data to analyze the legal standing of an organization. For example, if you immediately want to access a specific type of business information, such as the company’s current status, you will not find it on the CNMV portal.
Although the public register website offers both Spanish and English languages, some business data is only available in Spanish, making it challenging for non-native Spanish individuals. For example, when you search for public warnings issued by foreign regulators, the comments are available in Spanish by default. Therefore, you will have to translate the page every time you make a new company search in Spain.
Suggested Read: How To Verify a Company in Mexico? An Ultimate Guide
The Ultimate Beneficial Owner means a natural person who, directly or indirectly and alone or with others, through any means, has complete effective control over an entity, including thorough ownership or shares or voting rights or an agreement or arrangement or in any other manner: owns or controls directly or indirectly more than 25% of the shares or voting rights in an entity. Spain has passed the UBO Register legislation that allows members of the public to receive information about the ultimate beneficiary of the Spanish legal entities, as well as any other entities or organizations lacking legal status. To verify a company in Spain, collecting UBO information is critical to ensuring compliance with AML regulations.
The UBO register in Spain is Registro de Titularidades Reales (also known as Register of Real Ownership). It plays a crucial role in the state’s fight against financial crimes such as terrorist funding and money laundering. The RTR collects and holds data on the beneficial owners of legal persons since this information is needed to identify who owns or controls a company. Through our highly efficient enhanced UBO verification method, we can provide you quick access to all you need to know about the ownership structures of a Spanish company.
In accordance with FATF recommendations, Spain mandates businesses to adopt a risk-based approach to compliance with AML regulations. This entails assessing the risks associated with consumers and matching compliance procedures to the prevailing risks. To verify a company in Spain, there are essentially two types of checks: one is conducted on the organization, and the other is conducted on the individuals running them. Screening a business against the AML rules to ensure compliance, the following checks are applied:
Agencia Tributaria (Spanish tax agency) is an official body of customs regulation in Spain. The organization oversees the collection of customs duties, levies, and other regulations connected with the importation and exportation of products into and out of the country and ensures that all its customs laws are obeyed, both nationally and by the EU. Although it does not publish a comprehensive list of licensed businesses, to see if the company is licensed, you need to refer to specific registries to see whether it is compliant.
Banco de España (Bank of Spain) is a public entity that is responsible for supervising the Spanish banking system and other financial intermediaries functioning in Spain. To learn the legal status of a fintech business, bank, or any other financial institution, you can view the list of licensed and registered entities. The KYB assists you in providing this list along with other important documents to streamline your company verification process.
The Agencia Española de Protección de Datos (the Spanish Data Protection Agency) is Spain’s national data protection authority. Its main activities are protecting personal data and privacy rights and enforcing compliance with the GDPR, as well as other applicable national privacy laws. The task of AEPD is to safeguard people’s data privacy and to ensure that both the public and private sectors are protected. It also lists public administrations that have been sanctioned for breaches of standard data protection regulations.
Suggested Read: How to Verify a Company in Hungary? An Ultimate Guide
If you need to verify a company in Spain, you will face multiple hassles, such as language barriers, complex navigation, limited searches, and website intricacies. The challenges multiply when you have to identify the ultimate beneficial owners (UBOs) to ensure that the business is transparent and prevent the potential risk of financial fraud. With our API-integrated software, we provide all the essential company data required for complete business screening.
To mitigate challenges related to corporate verification, rely on The KYB for fast and business verification services in real-time. We consolidate data from over 250 countries and states and 300M+ legal entities. Contact The KYB today to verify your business in Spain and ensure compliance with international regulations. As a business verification solutions provider, we will give you quick access to multiple primary source documents, which you can access with just a simple click and one platform.
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