The AML Regime Update – Slovenia

Tine Mišic, LL.M.Partner, ODI Law Firm - Slovenia

As of 11 January 2020, the Amendment Law amending the Prevention of Money Laundering and Terrorist Financing Act (the Act) took effect. The Act realigns the Slovenian implementation of the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the Directive). Previously the Directive was considered as insufficiently implemented throughout numerous sectoral acts and hence criticised for its opacity.

Notable changes brought under the Act include:

(i) an expansion of correspondence relationship to financial institutions;

(ii) a reinforcement of an obligation to obtain information on the beneficial owners specifically to obtain information on recipients of benefits from certain assets or the category of persons in whose interest the entity is established;

(iii) a clarification as to the employer’s duty to implement measures under the Act against their employees, including respective data protection;

(iv) a basis to impose prohibition of the business activities upon a company at the time if a crime of money laundering and terrorist financing is committed;

(v) an exception of disclosure of the infringer’s identity for cases where such disclosure would jeopardize stability of financial markets.

Contributing Advisors

Uroš IlićManaging Partner, ODI Law Firm - Slovenia