Name
Global FinTech Guide
Country _ Name
Slovenia
SectionTitle
KYC requirements
Body
The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.

Legal affairs

National regulatory framework regarding AML and effective date of the regulations

AML is regulated in the Prevention of Money Laundering and Terrorist Financing Act (Official Gazette of the Republic of Slovenia, no. 68/16 as amended).

National regulator or relevant authority for AML controls

The Ministry of Finance, but compliance with the AML Act is also monitored by sector regulators such as the Bank of Slovenia, the Securities Market Agency etc.

Customer Due Diligence

Conduct of a typical KYC identification process

Under the Prevention of Money Laundering and Terrorist Financing Act, customer due diligence includes the following steps: (i) identifying the customer and verifying the customer's identity based on credible, independent and objective sources (face-to-face identification may be replaced by the use of video-electronic identification or other means of electronic identification provided that certain conditions are met); (ii) identifying the beneficial owner of the customer; (iii) obtaining information on the purpose and intended nature of the business relationship or transaction; and (iv) other information and regular due diligence monitoring of the business activities carried out by the customer.

Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations

Yes.

Possibility to outsource customer due diligence by contract to other third parties who are not obliged by law to meet AML regulations and rely on these (e.g., WebID, IDnow, PostIdent)

No.

Presence of a license or registration requirement for the third party in case of outsourcing customer due diligence

No license or registration is required for the third party.

Further questions

Entities that could be relied on specifically by law as a third party to comply with AML regulations (regardless of outsourcing)


Yes credit institutions
Yes financial institutions
Yes auditors, external accountants, and tax advisors
Yes notaries and other independent legal professionals
Yes other trust or company service providers
Yes estate agents
Yes other persons trading high-value goods
Yes providers of gambling services


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