Spain-based financial institution CaixaBank has been penalized with a EUR 30 million fine by the Anti-Money Laundering Supervisory Authority (Sepblac) for AML failings.

This represents one of the most substantial AML penalties levied in Spain and stems from issues discovered during an inspection of a real estate transaction that occurred nearly a decade ago, involving the sale of a Madrid skyscraper.

The Official State Gazette (BOE) published Resolution BOE-A-2025-26201 on December 11, 2025, officially disclosing a fine of EUR 17.6 million. However, it is reported that additional fines have increased the total sum CaixaBank must pay to over EUR 30 million.

Background and AML Violations

The regulatory action by Sepblac centers on the sale of the Torre Foster, a Madrid skyscraper, in 2016. The transaction involved Bankia, which CaixaBank acquired in 2021, selling the building to Amancio Ortega, the founder of Inditex, for nearly EUR 500 million.

Spanish authorities scrutinized this deal for potential compliance breaches, particularly relating to AML and due diligence procedures. According to reports, Sepblac fined CaixaBank for violating AML rules, specifically for breaching regulations aimed at preventing money laundering and the financing of terrorism.

During these investigations, it was found that Bankia, prior to being acquired by CaixaBank, failed to report suspicious activities despite an employee’s concerns about potential money laundering. Additionally, the bank neglected due diligence on high-risk clients and disregarded suspicious transaction alerts. Allegedly, the deal included Khadem al-Qubaisi, the former chairman of Cepsa, who reportedly used a network of shell companies and offshore accounts to purchase and resell the skyscraper, thereby concealing illicit funds.

CaixaBank’s Response

While CaixaBank has stated that it will appeal the fines, the institution chose not to provide further comments on this matter. Similarly, the Economy Ministry, which oversees Sepblac, also declined comment.