Advisory for the financial sector in the age of digital transformation

Spain’s financial services sector encompasses more than 78,000 active companies and employs close to 397,000 workers registered with Social Security, positioning it as the sixth-largest sub-sector by share within the European market at 6.0% of the EU total. Its five-year survival rate of 50.3% reflects a highly competitive environment in which entities must combine robust risk management with rapid adaptation to a constantly evolving regulatory framework. Accelerated digitalisation — with the rise of fintechs, neobanks and crypto-asset providers — and continuous regulatory tightening, with rules such as MiCA, DORA and the new AMLD6 Directive, impose growing compliance burdens that make specialist advisory a strategic investment, not a cost.

At BMC we advise credit institutions, insurers, fund managers, investment service companies, fintechs and crypto-asset operators on all tax, legal and corporate aspects of their business. Our services include structuring and registering investment vehicles (FCR, SCR, SOCIMI, ELP), AML/PBC compliance (KYC, enhanced due diligence, internal policies, training), transfer pricing advisory for financial groups and tax planning for investments through financial instruments.

We accompany fintechs throughout their regulatory lifecycle: from identifying the applicable licensing framework through applying for and obtaining authorisation from Banco de España or the CNMV, to designing compliance manuals, KYC/AML procedures and managing supervisor relationships. The pressure on margins and the need to scale efficiently make tax planning from the outset — choice of legal form, shareholding structure, treatment of stock options — a decisive factor in the long-term viability of any fintech project.

We also advise on data protection in the financial sector (GDPR applied to credit scoring, customer profiling and international data transfers) and on structuring financial contracts and digital asset custody agreements. In a sector where half of all companies do not reach their fifth year of operation, having an adviser who integrates regulatory compliance, taxation and corporate strategy makes a real difference to an entity’s ability to operate securely and grow in a sustainable way.

Key services for financial entities

Tax planning for financial entities requires deep knowledge of the special corporate tax regimes applicable to investment funds, venture capital vehicles and foreign securities holding companies (ETVE). ETVEs allow repatriation of dividends from foreign subsidiaries with near-total exemption and are particularly relevant for international financial groups headquartered in Spain. Transfer pricing between group entities and the documentation of related-party transactions are high-risk areas in AEAT inspections of financial groups.

Anti-money laundering compliance is a core obligation for the financial sector. Law 10/2010 imposes exhaustive due diligence (KYC), beneficial ownership identification, AML/PBC policy maintenance, SEPBLAC representative appointment and suspicious transaction reporting on banks, insurers, funds and asset managers. Non-compliance results in multi-million-euro sanctions and severe reputational damage. We design and implement comprehensive AML compliance programmes tailored to each entity’s risk profile.

DORA compliance — applicable since January 2025 — requires financial entities to implement ICT risk management frameworks, digital operational resilience testing programmes, critical third-party ICT provider management and major incident notification procedures. We advise on the full documentation framework, critical vendor identification and preparation for TLPT (Threat-Led Penetration Testing) exercises.

Regulatory challenges for financial services in Spain

MiCA (Markets in Crypto-Assets Regulation), fully applicable since December 2024, is transforming the landscape for crypto-asset operators. MiCA requires CASPs (Crypto-Asset Service Providers) to obtain authorisation from the CNMV or Banco de España depending on the service type, implement capital, governance and transparency requirements, and comply with enhanced AML/PBC standards. Entities already registered as PSVAs benefit from a transitional window until July 2026.

International tax planning is critical for financial groups with cross-border structures. The ETVE regime, the participation exemption for dividends from foreign subsidiaries and the deduction for double taxation are key instruments for international groups with a Spanish holding or operations hub. The EU Anti-Tax Avoidance Directives (ATAD I and II) and the OECD Pillar Two global minimum tax impose new constraints that require careful modelling.

KPIs and trends in Spanish financial services 2025-2026

Private equity investment in Spain exceeded €8.5 billion in 2024, growing 18% year-on-year. The Spanish fintech sector counted more than 800 active companies at end-2024, with digital payments, alternative lending and insurtech as the largest segments. Banking consolidation and the acquisition of fintechs by incumbent institutions are the main transactional vectors. At BMC we advise the full spectrum of financial entities with a team specialised at the intersection of financial regulation, international taxation and corporate advisory.

Key services for financial entities

Tax planning for financial entities requires deep knowledge of the special corporate tax regimes applicable to investment funds, venture capital vehicles and foreign securities holding companies (ETVE). ETVEs allow repatriation of dividends from foreign subsidiaries with near-total exemption and are particularly relevant for international financial groups headquartered in Spain. Transfer pricing between group entities and the documentation of related-party transactions are high-risk areas in AEAT inspections of financial groups.

Anti-money laundering compliance is a core obligation for the financial sector. Law 10/2010 imposes exhaustive due diligence (KYC), beneficial ownership identification, AML/PBC policy maintenance, SEPBLAC representative appointment and suspicious transaction reporting on banks, insurers, funds and asset managers. Non-compliance results in multi-million-euro sanctions and severe reputational damage. We design and implement comprehensive AML compliance programmes tailored to each entity’s risk profile.

DORA compliance — applicable since January 2025 — requires financial entities to implement ICT risk management frameworks, digital operational resilience testing programmes, critical third-party ICT provider management and major incident notification procedures. We advise on the full documentation framework, critical vendor identification and preparation for TLPT (Threat-Led Penetration Testing) exercises.

Regulatory challenges for financial services in Spain

MiCA (Markets in Crypto-Assets Regulation), fully applicable since December 2024, is transforming the landscape for crypto-asset operators. MiCA requires CASPs (Crypto-Asset Service Providers) to obtain authorisation from the CNMV or Banco de España depending on the service type, implement capital, governance and transparency requirements, and comply with enhanced AML/PBC standards. Entities already registered as PSVAs benefit from a transitional window until July 2026.

International tax planning is critical for financial groups with cross-border structures. The ETVE regime, the participation exemption for dividends from foreign subsidiaries and the deduction for double taxation are key instruments for international groups with a Spanish holding or operations hub. The EU Anti-Tax Avoidance Directives (ATAD I and II) and the OECD Pillar Two global minimum tax impose new constraints that require careful modelling.

KPIs and trends in Spanish financial services 2025-2026

Private equity investment in Spain exceeded €8.5 billion in 2024, growing 18% year-on-year. The Spanish fintech sector counted more than 800 active companies at end-2024, with digital payments, alternative lending and insurtech as the largest segments. Banking consolidation and the acquisition of fintechs by incumbent institutions are the main transactional vectors. At BMC we advise the full spectrum of financial entities with a team specialised at the intersection of financial regulation, international taxation and corporate advisory.