Slovakia: Increasing focus on compliance with anti-money laundering laws
29 October, 2020 - Due to an increased focus on compliance with anti-money laundering laws, relevant Slovak entities may be required to adopt and implement internal directives.
The implementation of the 4th AML Directive into Slovak legislation has brought new obligations that need to be observed by businesses in order to ensure compliance with anti-money laundering laws.
Slovak companies face the risk of a fine from the relevant statutory bodies if they do not have clearly defined internal procedures. Therefore, to mitigate the risk, certain Slovak entities may be required to prepare and implement the following internal directives:
- Anti-Money Laundering directive - regulating the obligations and working procedures of business entities and their employees in relation to prevention and detection of money laundering in terms of the Act on Protection against Money Laundering.
- Internal directive regarding the criminal liability of legal entities - regulating the procedure to prevent the criminal offence, for which the company is criminally liable.
In light of the increased focus on compliance with the obligations for companies, it is advisable to seek legal advice to properly adhere to the new regulations.