AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Often, yes, especially for large or unusual amounts. Spain’s anti-money-laundering law (Ley 10/2010) obliges banks to monitor the source of funds against what they know about you, and if they cannot complete those checks they must not carry out the transaction. A clear paper trail from the Nigerian side, matched to the amount, usually resolves the question.
A transfer arrives from Lagos, and a few days later your Spanish bank asks you to explain it, or holds it until you do. It can feel like suspicion of Nigerians in particular. In practice the questions come from a legal duty that applies to every customer, although money from outside the EU, in large amounts or out of line with your usual activity, is more likely to trigger them. This guide explains the duty and how to answer it.
Who is asking, and why
The questions come from your bank, not directly from the Banco de España. The bank is an “obliged party” under Ley 10/2010, Spain’s law on preventing money laundering and terrorist financing. The consolidated text on the BOE (updated 30 September 2026) sets out the duties that lead to the questions:
- Article 3: identification
- The bank identifies every customer with reliable documents before the relationship starts.
- Article 5: purpose and nature
- The bank collects information to understand your professional or business activity, and takes steps to verify it.
- Article 6: ongoing monitoring
- The bank checks that transactions match what it knows about you, “including the origin of the funds”, and keeps your documents up to date.
- Article 7.3: no checks, no transaction
- If due diligence cannot be applied, the bank must not carry out the transaction, and must end the relationship if the problem arises later.
So a question about a transfer from Nigeria is the bank doing what article 6 requires. If you do not answer, article 7.3 points towards the money being returned or the account being closed.
What tends to trigger questions
- An amount much larger than your salary or usual balance.
- Several transfers in a short period, or amounts split just below a round figure.
- A sender who is not you and whose relationship to you is not clear.
- A vague payment reference such as “savings” or “family”.
- Money that arrives just before a large purchase, such as a flat or a car.
None of these is wrong in itself. They are simply the points where the bank’s picture of you and the transaction do not obviously match.
Documents that answer the question
The aim is to show where the money came from, that it is yours, and why it is moving. Match the document to the source:
| Source of the money | Documents that usually answer it |
|---|---|
| Your own savings in Nigeria | Nigerian bank statements covering the period the balance built up, in your name, with the outgoing transfer visible |
| Sale of land or a house | The sale agreement or deed of assignment, evidence of the buyer’s payment into your account, and the statement showing the transfer out |
| An inheritance | Letters of administration or the grant of probate, the estate account statement and the distribution to you |
| A gift from family | A signed letter from the giver stating the amount, the relationship and that it is a gift, plus their statement showing the payment |
| Salary or business income | Payslips, contracts or invoices, and tax receipts where you have them |
| Investments | The maturity or sale notice from the bank or broker, and the statement showing the proceeds |
Documents in English are often accepted, but the bank may ask for a Spanish translation. Statements generated by your Nigerian bank and stamped, or verifiable statements whose authenticity the bank can check, are stronger than screenshots.
The Nigerian side of the same transfer
Questions can also come from the sending end. A Mondaq summary of Nigeria’s Money Laundering (Prevention and Prohibition) Act 2022 says transfers to or from abroad above US$10,000 must be reported in writing to the NFIU, the CBN and/or the SEC within one day. Reporting is not a refusal, but it means the Nigerian bank may also ask for the purpose and source before it sends. Keep the same documents ready for both banks. Our guide to source of funds for large transfers covers the opposite direction.
Steps when the bank asks
- Reply in writing, promptly, and ask exactly which documents the bank wants.
- Send documents that match the amount and dates; explain any gap in a short covering note.
- If a document is in English, ask whether a translation is required before paying for one.
- Keep copies of everything you send and the date you sent it.
- If the bank still refuses, ask for its decision in writing and use its customer service complaint channel.
Where Pryme fits
Any Pryme customer can generate a verifiable statement or receipt, through Pryme’s partnership with VerifyDoc.ai, which a Spanish bank can check is genuine and unaltered. That helps when the question is whether your Nigerian paper trail is real. Moving money in euros or dollars from a multicurrency account is covered in sending euros from a Nigerian bank.
Questions people ask
Why is my Spanish bank asking where my money came from?
Ley 10/2010 requires banks to monitor transactions against what they know about you, including the source of funds. The question is a legal duty, not an accusation.
Can a Spanish bank refuse a transfer from Nigeria?
If it cannot complete its due diligence, article 7.3 of Ley 10/2010 says it must not carry out the transaction. Answering its questions with matching documents is the way through.
What documents prove source of funds from Nigeria?
Bank statements showing how the balance built up, plus the document behind it: a sale agreement, letters of administration, payslips, a gift letter or an investment maturity notice.
Is the Banco de España checking my transfer?
The checks are done by your own bank as an obliged party under the law. The Banco de España supervises banks; it does not usually contact customers about individual transfers.
Sources
- BOE: Ley 10/2010 de prevención del blanqueo de capitales (consolidated text, updated 30 Sep 2026) · accessed Oct 2026
- Mondaq: key provisions of the Money Laundering (Prevention and Prohibition) Act 2022 · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.