Background

AML/CFT

Money laundering and terrorist financing constitute a serious threat to the stability and integrity of the financial sector in a country, endanger the internal market and its competitiveness, and in particular lead to a long-term loss of confidence on the part of the domestic and foreign public in the institutions of modern society that constitute the foundations of a state based on the rule of law.

For the purposes of anti-money laundering and countering the financing of terrorism (AML/CFT), certain entities including credit institutions and financial institutions are required to carry out the measures set out by the Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT-2), and to uphold the regulations issued on its basis.

The financial sector is supervised by the following authorities from the perspective of AML/CFT:

  • Banka Slovenije,

  • the Securities Market Agency,

  • the Insurance Supervision Agency, and

  • the Office of the Republic of Slovenia for Money Laundering Prevention (OMLP).

The principle is that the supervisors that according to the primary legislation are defined as the supervisory authority for the particular type of entity are also responsible for conducting AML/CFT supervision. As the central authority in the area of AML/CFT, the OMLP has supervisory power at all obliged entities defined by the ZPPDFT-2.

Despite the establishment of the banking union and the introduction of the Single Supervisory Mechanism in 2014, the area of AML/CFT remains a competency of the national authorities, and AML/CFT supervision is one of Banka Slovenije’s key tasks, in that reviewing risk management in the area of AML/CFT is part of its oversight of comprehensive risk management at supervised entities. Banka Slovenije issues annual reports to the National Assembly and the public on its activities in the area of AML/CFT.

The information that Banka Slovenije obtains and processes during its AML/CFT supervision at individual supervised entities is confidential, and we are unable to comment on it. Supervisory measures are publicly announced on our website in line with law.

Supervised entities

Under the ZPPDFT-2, in connection with other laws (ZBan-3, ZPlaSSIED), Banka Slovenije conducts supervision of the implementation of the ZPPDFT-2 at the following supervised entities:

1. banks, savings banks and branches of foreign banks in Slovenia,

2. payment institutions and payment institutions with a waiver,

3. electronic money institutions and electronic money institutions with a waiver,

4. currency exchange operators,

5. legal and natural persons providing services in virtual currencies or other transactions included in those services (i.e. virtual assets service providers).*

*As of 21 June 2021 virtual assets service providers who are established or have a branch in Slovenia are additionally required to be entered in the register of crypto service providers maintained by the Office for Money Laundering Prevention before starting to provide the service.

Register of supervised entities

Register as a virtual currency service provider

List of registered virtual currency service providers 

EBA powers in the area of AML/CFT

The management, coordination and monitoring of work in connection with AML/CFT at all EU financial service providers and competent authorities, i.e. in the entire EU financial sector, is the sole competency of the European Banking Authority (EBA). Under its mandate, it (i) manages, coordinates and monitors support for the implementation of robust approaches to AML/CFT supervision across the entire EU, (ii) contributes to a comprehensive approach to combating money laundering, terrorist financing and other financial crime, and to implementing restrictive measures, and (iii) provides expert advice to interested parties in connection with the establishment of an effective new institutional framework for AML/CFT in the EU.

Financial Action Task Force (FATF) and Moneyval

Slovenia is a member of the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as Moneyval. This conducts periodic mutual evaluations of its member-states, and of the degree to which each country complies with the recommendations issued by the Financial Action Task Force on Money Laundering (FATF). The FATF was established at the initiative of the G7 grouping of advanced economies as a response to the risks identified in connection with money laundering. Over time the FATF has grown into a global task force, which operates around the world via various regional subgroups. Its main mission is issuing recommendations for combating money laundering and terrorist financing, and attending to the effective implementation of the prescribed measures.

Slovenia underwent the fifth round of evaluation in 2016, and its evaluation report was adopted at Moneyval’s 53rd plenary session in May 2017. The sixth round is ongoing in 2025.

Questions and answers about AML/CFT