Compliance Risks in Financial Services in Slovakia on the Rise, Reports MONEYVAL

Slovakia has made significant strides in strengthening its anti-money laundering and terrorist financing (AML/CTF) regime, according to a recent report by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

Reduced Compliance Risks for Financial Institutions

The country’s financial institutions are now facing reduced compliance risks as a result of these efforts. The MONEYVAL report concludes that Slovakia has made substantial progress in addressing technical compliance shortcomings identified in its 2020 Mutual Evaluation Report.

Progress Made

Out of 40 Recommendations, the country is currently rated:

• Compliant on five
• Largely Compliant on 23
• Partially Compliant on 12

The Slovak authorities have introduced measures to prevent associates of criminals from holding significant or controlling interests in banks and insurance undertakings. Additionally, they have adopted risk assessment procedures for exchange offices and non-banking lenders.

Challenges Remain

While Slovakia has made progress, it still faces some challenges in addressing the remaining compliance shortcomings. The country is expected to report back by December 2024 on further progress made towards strengthening its AML/CTF system.

About MONEYVAL

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe tasked with assessing compliance with international standards to counter money laundering, terrorist financing, and proliferation financing. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities for necessary improvements to their AML/CTF systems.

Contact Information

For further information, please contact Jaime Rodriguez, Spokesperson/Media Officer at the Council of Europe on +33 3 90 21 47 04 or [email protected].