Financial Crime World

Slovenian Banks Face Stringent Banking Regulations Compliance Checklist

In an effort to promote stability and transparency in the financial sector, Slovenia has implemented a comprehensive banking regulations compliance checklist for all banks operating within its borders. This article will outline the key requirements that banks must adhere to.

General Terms and Conditions

The checklist begins with general terms and conditions on the implementation of monetary policy framework, as outlined in Official Journal of the Republic of Slovenia (OJ RS) 37/2024. Additionally, banks are required to follow internal manuals for the use of web application e-Avkcije, which was updated in December 2021.

  • Follow internal guidelines on the use of intraday credit and standing facilities, as stated in the January 2023 manual
  • Comply with general terms and conditions for the provision of USD liquidity to counterparties, established in December 2017

Collateral Management

Collateral management is a critical aspect that banks must adhere to. The checklist includes decisions on:

  • Establishment and management of an asset register (OJ RS, 152/2020)
  • User manuals on the use of collateral for Bank of Slovenia claims, updated in March 2023

Correspondent Central Bank Operations

The list also covers terms and conditions when acting as a correspondent central bank or assisting central bank, established in August 2011. Additionally, operational specificities for the use of Slovenian marketable assets, outlined in December 2007, must be followed.

  • User manuals for cross-border use of credit claims entered in the register of assets at the Bank of Slovenia, dated August 2011
  • General terms and conditions for participation in TARGET-Slovenia

Conclusion

The implementation of this comprehensive checklist is a crucial step towards ensuring that Slovenian banks operate within a stable and transparent regulatory framework. As such, all banks operating in Slovenia are urged to familiarize themselves with these regulations and ensure compliance to avoid any potential penalties or legal consequences.