https://supremacy.info/news/83941

Spanish Regulator Imposes Significant AML Penalties

CaixaBank, one of Spain's largest financial institutions, has been fined more than €30 million by the Spanish Anti-Money Laundering Supervisory Authority (Sepblac) for significant anti-money laundering (AML) failings. The penalties stem from a real estate transaction dating back nearly a decade, involving the sale of a prominent Madrid skyscraper. This represents one of the largest AML fines ever imposed in Spain.

A specific fine of €17.6 million was officially published in the Official State Gazette (BOE) on December 11, 2025, under resolution BOE-A-2025-26201. While this particular penalty was made public, reports indicate that additional sanctions related to the same case bring the total amount to over €30 million.

Skyscraper Sale at the Heart of the Investigation

The core of the regulatory action is linked to the 2016 sale of the Torre Foster, also known as Torre Cepsa, a skyscraper located in Madrid. The transaction involved Bankia, a lender that CaixaBank acquired in 2021, selling the building to Amancio Ortega, the founder of Inditex, for approximately €500 million. Spanish authorities have been investigating this deal for potential compliance violations, particularly concerning anti-money laundering and due diligence procedures.

Nature of the AML Failings

The fines were imposed due to a 'very serious infringement' of AML rules, specifically a 'violation of the regulations on the prevention of money laundering and the financing of terrorism'. Investigations revealed that Bankia, prior to its acquisition by CaixaBank, failed to report suspicious activity even after an employee had internally flagged concerns regarding potential money laundering. Regulators also identified that the bank failed to apply enhanced due diligence on high-risk clients and ignored suspicious transaction alerts. The transaction reportedly involved Khadem al-Qubaisi, the former chairman of energy giant Cepsa, who allegedly used a complex network of shell companies and offshore accounts to orchestrate the acquisition and resale of the skyscraper, concealing illicit capital flows.

CaixaBank's Response and Broader Implications

CaixaBank has stated that it has appealed the fines. The bank has declined to comment further on the matter, as has the Economy Ministry, which oversees Sepblac. This enforcement action underscores the strict liability of financial institutions in Spain to act as a barrier against criminal capital flows and signals a broader trend of increased regulatory scrutiny on high-value real estate deals within the Spanish financial system.