To everyone who has bank accounts in Spain

We have just been informed that banks are clamping down on existing Bank of Spain regulations (brought about by the EU) which require the account holder to go to their branch once a year, and let them have updated copies of their passports, NIE/DNI, wage slip or tax return. If you are non resident, you need to sign the an annual declaration of non residence. The aim is to help prevent money laundering and the regulation is brought about by the Law of 10/2010 on the Prevention of Money Laundering. Of which can be downloaded HERE. (Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo)

There has not been anything in recent news about this but it's what has happened to several clients of ours INCLUDING some of our own employees.

Without presenting your ID in your local branch, your account may be frozen without notice.

What happens if you don't present ID at least once a year to your bank

The bank will freeze your account often without notice. That means you will not be able to make cash withdrawals or transfers and all direct debits will bounce. This operation is not carried out by your branch but the Bank of Spain which is why you won't most likely will not receive any notification.

Even if your account is active and you visit your bank regularly, you must ask them to revise your ID and make sure it is registered on their system.

What to do to prevent your bank account in Spain from being blocked

Once a year, even if you go in to your bank on a regular basis, you must take the originals and copies of your NIE/DNI and passport and present them to the bank clerk. Ensure they have taken copies of the new ID if this applies and ensure you have been registered on their system.

Sidenote

If you need help with banking issues or would like to open a Spanish bank account in Tenerife, TIBC SL are agents for BBVA and will be more than happy to help you open your bank account and get a mortgage if required.