Slovenia's AML Progress and Key Bodies

Slovenia’s AML Progress and Challenges

FATF Evaluation: In the latest Mutual Evaluation Report in 2023, Slovenia was rated Compliant for 11 recommendations and Largely Compliant for 28 of the FATF 40 Recommendations.
Effectiveness: The country remains rated Highly Effective for none and Substantially Effective for one of the 11 areas of Effectiveness in its AML/CFT (Anti-Money Laundering and Counter-Terrorist Financing) regime.
Key Findings: Although Slovenia has made progress in implementing international AML/CFT measures, significant gaps remain in their effectiveness. The FATF report is a crucial evaluation and roadmap to enhance Slovenia’s AML/CFT framework and fully commit to the global fight against money laundering and terrorist financing.

Key Regulatory Bodies

Slovenia regulators

The primary AML/CFT regulatory body is the Ministry of Finance’s Office for Money Laundering Prevention (OMLP). Other crucial regulatory bodies include the Securities Market Agency, the Bank of Slovenia, the Agency for Public Oversight of Auditing, the Insurance Supervision Agency, the Slovenian Bar Association, the Financial Administration, the Market Inspectorate, the Slovenian Institute of Auditors, and the Chamber of Notaries of Slovenia.

Penalties and Regulations

Criminalization: Money laundering and terrorist funding are criminalized separately under Slovenian law, and the penalties range from one to 15 years in prison, depending on the severity of the offense. Legal entities can also face criminal charges, and infractions may lead to hefty fines or the confiscation of property.

AML Act: The Prevention of Money Laundering and Terrorist Financing Act, passed in 2016, imposes various penalties for violating essential obligations, such as customer due diligence (CDD), record-keeping, and suspicious transaction reporting. Penalties vary depending on the nature of the infringement, the type of perpetrator, and the initial, repeated, or systematic nature of the violation.

Areas for Improvement

Despite recent improvements, MONEYVAL, the EU’s anti-money laundering body, has noted the need for a more proactive approach to investigating and charging money laundering cases associated with serious crimes, in line with Slovenia’s risk profile.

Staying Ahead of the Curve with Sanction Scanner

Adhering to Slovenian AML regulations is essential for financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) to effectively combat financial crime. To help organizations meet these requirements and navigate the evolving AML landscape, Sanction Scanner offers advanced AML solutions. Contact us today for a [demo](mailto:contact@sanctionscanner.com?subject=Demo Request) to explore our innovative Anti-Money Laundering solution.

Compliant

The term “Compliant” refers to a jurisdiction that has satisfactorily addressed all the FATF Recommendations, but may have some issues with the Effective Implementation measure for certain recommendations.

Largely Compliant

“Largely Compliant” implies that a jurisdiction has addressed certain aspects of a FATF Recommendation or its Effective Implementation measure but not others. It may also indicate that the jurisdiction requires substantial improvements in other areas.

Highly Effective

“Highly Effective” assessment is given to a jurisdiction that has the legislative and regulatory framework to effectively address the risk posed by money laundering and terrorist financing, but has not yet demonstrated substantial effectiveness in implementing this framework.

Substantially Effective

“Substantially Effective” evaluation implies that a jurisdiction has substantial structures in place to address money laundering and terrorist financing risks but requires significant improvements to reach a fully effective level.

OMLP (Office for Money Laundering Prevention)

The Office for Money Laundering Prevention (OMLP) is a Slovenian regulatory body responsible for collecting, preserving, examining, analyzing, and disseminating relevant financial intelligence under the AML Act.

AML Act (Anti-Money Laundering Act)

The Prevention of Money Laundering and Terrorist Financing Act was passed in 2016 and imposes various penalties for violating essential obligations under AML Regulations.

Sanction Scanner

Sanction Scanner is an advanced solution for organizations looking to comply with international AML regulations and regulators. Contact us today for a [demo](mailto:contact@sanctionscanner.com?subject=Demo Request) to explore our innovative Anti-Money Laundering solution.


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