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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. 48/22,145/22 and 17/25, as amended).
National regulator or relevant authority for AML controls
Office for Money Laundering Prevention (OMLP), operating under 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, however, the liability for fulfilling the obligations under the Prevention of Money Laundering and Terrorist Financing Act remains with the obliged entity, even when specific tasks are carried out with the assistance of an external provider.
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)