• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Email: accace@accace.com

Contact us
Sign up for news
  • Locations
  • Websites
    • Global (English)
    • Global (German)
    • Czech Republic
    • Hungary
    • Poland
    • Romania
    • Russia
    • Slovakia
    • South Africa
    • Ukraine
    • United States of America (USA)
  • eShop

Accace - Outsourcing and advisory services

  • Services
    • OUTSOURCING
    • Accounting and reporting
    • Accounting online portal
    • Payroll and HR administration
    • Payroll and HR online portal
    • Time and attendance online portal
    • ADVISORY
    • Tax advisory
    • Transaction advisory
    • Legal advisory
    • Corporate and secretarial
    • Advisory online portal
    • MARKET ENTRY SUPPORT
  • COVID-19
  • About us
    • Who we are
    • Case studies
    • Meet our key People
    • Partner with us
    • Corporate Social Responsibility
  • Careers
    • Open positions
    • Who we are
    • Our values
    • Success stories
    • How we care
    • How we act
    • We volunteer
  • Newsroom
  • Events
  • Locations

Planned Amendment to the Act on Anti-money laundering in Slovakia | News Flash

21 Sep 2017

Download PDF

 

We would like to inform you about the planned extensive amendment to the legislation on the Prevention of Legalization of Proceeds of Criminal Activity and Terrorist Financing, also called in Slovakia as Act on Anti-Money laundering (hereinafter referred to as „Act“). The Amendment is prepared by Ministry of Interior, Ministry of Justice and National Bank of the Slovak Republic, especially with the aim to implement the EU Directive adopted on 20. May, 2015 (also called as „IV. AML Directive) in the Slovak legislation.

The Amendment introduces mainly the following crucial changes:

Decrease of the limit for cash transactions

In compliance with IV. AML Directive, the limit for cash transactions necessary for automatic inclusion of the entrepreneur among so-called obliged persons should be decreased from the current EUR 15 000 to EUR 10 000, regardless whether the transaction is carried out in single operation or in several linked transactions which are or may appear to be connected.

New essentials of Own Activity Programme

Also according to the current legislation, the obliged persons shall prepare in writing and update its Own Activity Programme aimed at prevention of legalization of proceeds of criminal activity. The Amendment should specify the content of Own Activity Programme, which should be in the state language. Moreover, the obligation to update the Own Activity Programme should also arise, and not only in connection with the change of business activity, but also with launch of new products or with a change of the organisation structure of the obliged person.

The crucial change should be also the fact, that the Own Activity Programme should be obligatory approved by statutory body of the obliged person.

In addition, the obliged person should document in its Own Activity Programme, the specified types of unusual transactions that may arise during its business activity (alongside the general types).

Risk assessment should take also other criteria into consideration

The planned legislation should amend the part about the assessment or risks signalising the legalization of income from criminal activities. The obliged person should have to take into consideration also its own risk factors (that should need to be specified especially based on the type of client, goal, regularity and length of business relationship; as well as based on the type of product, value and way of the performance of the business and risk assessment of the country to which the transaction applies) and risk factors which should be specified in the Act (as for example intensive usage of cash, too complicated organisation structure of the client or part in a business relationship in a country with significant rate of corruption).

Extension of obligations in case of the basic client due diligence

Depending on the risk that may exist in the type of transaction and client, there are also currently three different levels of client due diligence: (i) simplified due diligence, (ii) basic client due diligence and (iii) increased client due diligence.

The Amendment should introduce the extension of obligations of the obliged person by the basic client due diligence. The basic client due diligence should always and not only on the basis of the risk of legalization of income from criminal activity as it is now include an identification of the ultimate beneficial owner and adoption of adequate measures to verify the identification, incl. measures to determine the ownership and management structure of the client. In addition, there should arose an to determine and to store information, whether client is not a person on whom international sanctions are imposed.

The obligation to keep up-to-date identification information and to maintain them in a written form for the period of 5 years after the termination of the status of ultimate beneficial owner, should be introduced as well. 

Extension of persons to whom the increased due diligence applies

In compliance with the planned Amendment, the increased due diligence should be performed always with regard to the politically exposed person or in cases when the client is not physically present for the purposes of identification and verification. Exception from the face-to-face verification of the identification should be applied only in case of the cumulative fulfilment of the statutory conditions and at the same time, it will depend on each obliged person which other security measures it will take to prevent the legalization, such as for example delivery of the confirmation letter on the address the client has specified in the sent documents, verification of other information about the client from different available sources or the realization only of non-cash transactions or limits of the value of the business.

Let’s talk about how we can work together in Slovakia!

CONTACT

Patrícia Kráľová
Senior Associate | Slovakia
Tel: +421 2 325 53 000
E-mail: Patricia.Kralova@accace.com

Related news

Expat tax guide for Slovakia | eBook

on 25 March 2021, in Country guidelines and eBooks, Local news, Other industries, Payroll, HR and Labour Law, Slovakia, Taxation
Read more

Estonian Corporate Tax in Slovakia | News Flash

on 03 March 2021, in News Flash, Other industries, Regional Studies, Slovakia, Taxation
Read more

Amendment to the Labour Code effective from March 1, 2021 in Slovakia | News Flash

on 03 March 2021, in News Flash, Other industries, Payroll, HR and Labour Law, Regional Studies, Slovakia
Read more

10 facts about taxation in Slovakia | Infographic

on 22 February 2021, in Infographics, Regional Studies, Slovakia, Taxation
Read more

Meal vouchers vs. financial contribution for meal in Slovakia | News Flash

on 19 February 2021, in News Flash, Other industries, Payroll, HR and Labour Law, Regional Studies, Slovakia
Read more

We are entering the new year with an expanded range of services in Slovakia | News Flash

on 17 February 2021, in Corporate News, Local news, Other industries, Slovakia
Read more

Labour Law and Employment in Slovakia – 2021 Guide

on 01 February 2021, in Country guidelines and eBooks, Payroll, HR and Labour Law, Regional Studies, Slovakia
Read more

2021 Company Formation in Slovakia

on 01 February 2021, in Country guidelines and eBooks, Legal and corporate, Regional Studies, Slovakia
Read more

Value-added tax in Slovakia | eBook

on 13 January 2021, in Country guidelines and eBooks, Slovakia, Taxation
Read more

2021 Transfer Pricing Overview for Slovakia

on 13 January 2021, in Country guidelines and eBooks, International transactions, Regional Studies, Slovakia
Read more

2021 Tax Guideline for Slovakia

on 13 January 2021, in Country guidelines and eBooks, Regional Studies, Slovakia, Taxation
Read more

2021 Tax Calendar | Slovakia

on 12 January 2021, in Calendars, Other industries, Slovakia, Taxation
Read more

DAC 6: Reporting obligation for cross-border arrangements in Slovakia | News Flash

on 07 January 2021, in Local news, News Flash, Other industries, Slovakia, Taxation
Read more

Brexit from the tax point of view in Slovakia | News Flash

on 22 December 2020, in Local news, News Flash, Other industries, Slovakia, Taxation
Read more

Start-ups and memorandum of association in Slovakia: What to pay attention to? | News Flash

on 17 December 2020, in Legal and corporate, Local news, News Flash, Other industries, Slovakia
Read more

Crowdinvesting and managing shares in start-ups | weBlog

on 16 December 2020, in Legal and corporate, Local news, News Flash, Other industries, Slovakia
Read more

Institute of a “micro-taxpayer” from 2021 in Slovakia | News Flash

on 14 December 2020, in Local news, News Flash, Other industries, Slovakia, Taxation
Read more

Motor vehicle tax return in Slovakia | News Flash

on 03 December 2020, in Local news, News Flash, Other industries, Slovakia, Taxation
Read more

Approved amendment to the Motor Vehicle Tax Act in Slovakia | News Flash

on 23 November 2020, in Local news, News Flash, Other industries, Slovakia, Taxation
Read more

Changes in the Value Added Tax Act from January 1, 2021 in Slovakia | News Flash

on 18 November 2020, in Local news, News Flash, Other industries, Slovakia, Taxation
Read more

Primary Sidebar

<< Back to newsroom

NEW TO THE MARKET?

Use the free consultancy delivered by our in-country experts to get you prepared.

See what is included and schedule your call now!

We only need your email

Footer

About Accace

Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

About Accace Circle

Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

Locations and contacts | Accace Circle

Our services

Accounting and reporting
Payroll and HR administration
Tax advisory
Transaction advisory
Legal advisory
Corporate and secretarial

Our eShop

Market entry support
See full list of services

Our online portals

Accounting portal
Payroll and HR portal
T&A portal
Advisory portal

Get in touch with us

Locations and contacts
Contact us
Sign up for news
Newsroom
Careers


Follow us

Facebook LinkedIn Twitter Instagram Youtube


Accace Circle

© Accace all rights reserved | Code of conduct | General Disclaimer | Disclaimer Newsroom | Cookie policy | Privacy policy | GDPR Statement

Get free access to
valuable insights
expert knowledge

Our legislation updates make it easy for you to keep on top of the latest changes affecting your business. Receive our articles, opinions, tips, industry news, country profiles, regional overviews and studies, latest events and even more, directly into your mailbox.

Check out our Newsroom to see what is included!

We only need your email

We will send you only relevant information we consider may be of your interest and treat your personal data in compliance with our Privacy policy and GDPR statement.

Unable to subscribe?  Try this page.

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies. Find out more.