Slovakia’s Anti-Money Laundering Laws: Reporting Unusual Transactions and Sanctioned Persons

Financial institutions in Slovakia are required to adhere tostrict anti-money laundering (AML) regulations, which include reportingUnusual Financial Transactions (UFT) to the Financial Intelligence Unit (FIU).

Reporting Unusual Transactions

According to Article 17(1) of Act No. 297/2008 Coll., financial institutions in Slovakia are obligated to report UFT to the FIU without delay. A UFT, as defined in Article 4(2)(l) of the same act, includes:

• A transaction involving a person on whom international sanctions are imposed under Act No. 289/2016 or a person related to that person.
• A transaction involving an object or a service that may relate to a sanctioned object or service under Act No. 289/2016.

Reporting Sanctioned Persons

Banks and foreign bank branches operating in Slovakia must comply with Article 91(8) of the Banks Act No. 483/2001 Coll. This article requires the Slovak Financial Supervisory Authority (MF SR) to be provided with a list of clients subject to international sanctions. The list should include:

• The names
• Account numbers
• Balances

of such “sanctioned persons.” Upon identification, banks must notify the MF SR within established time limits.

International Sanctions and Regulations

Act No. 289/2016 Coll., as well as EU regulations, dictate the imposition of international sanctions. Financial institutions that discover clients on the sanctions list must swiftly report their findings to the MF SR to ensure strict compliance with AML regulations within Slovakia.