Slovakia Boosts Banking Compliance with New AML/CFT Measures: MONEYVAL Confirms Largely Compliant Status

Slovakia Achieves Significant Progress in AML/CFT Regime

Since November 2022, Slovakia has taken extensive steps to enhance its anti-money laundering and terrorist financing (AML/CFT) regime, leading to a re-rating from Partially Compliant to Largely Compliant by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

New Measures Introduced in Slovakia

1. Prevention from criminal associates holding control in banks or significant shares in insurance undertakings.
2. Risk assessment procedures for exchange offices and non-banking lenders.
3. Strengthened policies to evaluate individual risk profiles of financial institutions.

MONEYVAL Report: Slovakia’s Improvements in AML/CFT Compliance

The latest MONEYVAL report reveals that Slovakia now complies with 5 recommendations, is largely compliant with 23 recommendations, and partially compliant with 12 recommendations. Significant strides have been made in addressing the technical compliance shortcomings identified in the 2020 Mutual Evaluation Report.

Upcoming Enhancements: Progress Report Predicted for December 2024

Slovak authorities are predicted to provide a progress report to MONEYVAL by December 2024, showcasing further enhancements to their AML/CFT system.

About MONEYVAL: Evaluating Adherence to International AML/CFT Standards

MONEYVAL – founded in 1997 – is responsible for evaluating adherence to international standards for countering money laundering, terrorist financing, and weapons of mass destruction proliferation. It operates in 33 states and territories, and its main goal is to ensure robust anti-money laundering and counter-terrorist financing systems within its member countries through recommendations for improvements. Stay updated on this and other developments in the rule of law sector by following X Rule of Law on Facebook, LinkedIn, Instagram, and YouTube.

Source: MONEYVAL Report, Slovak Republic 2024-03-13T10:48:00