Financial Crime World

Slovakia’s Anti-Money Laundering Regulations: A Guide to Compliance

In an effort to combat financial crimes, Slovakia has implemented strict anti-money laundering (AML) and know-your-customer (KYC) regulations. As a business operating in the country, it is crucial to understand these regulations and ensure compliance.

Verification of Bills and Bank Statements

According to Slovakian regulations, businesses are required to verify bills and bank statements that are not older than three months. This verification must include the end-user’s address and name. This measure helps prevent money laundering and ensures transparency in financial transactions.

  • Verification requirements:
    • Bills and bank statements must be no older than three months
    • Verification must include the end-user’s address and name

Timing of Identity Verification

Identity verification is a crucial step in AML compliance. However, it is not a one-time process. Slovakian regulations require multiple instances of identity verification as per the regulations. The timing of these verifications depends on the business’s requirements and its conveyance to Shufti Pro.

  • Timing of identity verification:
    • Multiple instances of identity verification are required
    • Timing depends on business requirements and conveyance to Shufti Pro

Politically Exposed Persons (PEPs) and Enhanced Due Diligence

Slovakia’s Enhanced Due Diligence (EDD) requirements mandate that businesses determine if their customers are Politically Exposed Persons, hold public office, or exhibit a higher risk profile. To fulfill these obligations, Shufti Pro provides AML screening services that screen individuals’ ID attributes against global regulatory authorities’ watchlists.

  • EDD requirements:
    • Determine if customers are PEPs or exhibit a higher risk profile
    • Use Shufti Pro’s AML screening services for due diligence

Reliance on External Services

Slovakian regulations permit businesses to rely on external services for AML compliance. However, they must collect all diligence information from the third-party service provider without undue delay. In this scenario, Shufti Pro acts as an external third-party service provider.

  • Reliance on external services:
    • Businesses can rely on external services for AML compliance
    • Collect diligence information without undue delay

Record Retention

According to Slovakian law, businesses are required to retain data for not less than five years. This includes AML and KYC obligations for due diligence. If a relevant third-party processes, collects, or manages this information, the business is liable to collect all necessary information without undue delay.

  • Record retention requirements:
    • Retain data for at least five years
    • Include AML and KYC obligations in record retention

Conclusion

In conclusion, Slovakia’s anti-money laundering regulations require businesses to be vigilant in their compliance efforts. By understanding these regulations and implementing effective AML measures, businesses can ensure transparency and prevent financial crimes.

Note: This guide is for informational purposes only and should not be considered legal advice. It is recommended that businesses consult with a qualified attorney or AML expert to ensure compliance with Slovakian regulations.