KYC.IO

Global Regulations and Requirements for KYC Onboarding
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KYC to onboard domestic persons

namedate of birthplace of birthaddressidentity cardpassport

KYC to onboard international persons

namesurnamedate of birthidentification numberplace of birthaddresscitizenshipidentity cardpassport

corporate requirements

full nameresidency/seatidentificationidentification documentationcertificate of incorporation full name

National ID card name

Občiansky preukaz

National ID Photo

back of national id photo back

Does the country have Esignature Laws?

Act no.215/2002 on electronic signature (in Slovak)

E-sig law files

What year did the relevant AML laws and regulations become effective?

2011

Further details on AML regime

1994 – this has been amended several times, and was fully replaced in 2008 by the Act no 297/2008 Coll. , effective from 1 September 2008 and last amended in 2011

Who is the regulator for AML controls for Banking

Financial analytical department (FAU), National Bank of Slovakia

Link to site

http://www.minv.sk/?financna-policia, www.nbs.sk

Other financial Services

Ministry of Finance of the Slovak Republic

Website of Regulator

www.finance.gov.sk

Practical Guidance for AML

Yes – Guidelines for submitting AML notifications issued by the FAU. AML Guidelines for financial sector issued by the National Bank of Slovakia.

Practical guidance PDF's

minv

Is there a requirement to verify the identity of customers retroactively?

Retroactive details

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Yes - MONEYVAL assessment – September 2011

PDF of FATF review

Slovakia_en.asp

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

Yes - any single transaction below EUR 15,000 does not require any customer due diligence unless it is a: a) suspicious transaction; b) an agreement to enter into a business relationship; c) an agreement to establish an account, to make a deposit into a deposit passbook or a deposit certificate, or to make any other type of deposit; d) an agreement to use a safety deposit box or an agreement on custody; e) transaction with a Politically Exposed Person ('PEP'); and f) as part of the business relationship. Also in the case of life insurance, the customer due diligence is not required if insurance premium payable per year does not exceed EUR 1,000 or if payable in lump-sum does not exceed EUR 2,500 and in certain situations related to pension scheme agreements (no amount set by law). An ordinary transaction below EUR 2,000 does not need customer due diligence.

What are the requirements for customer identification information for individuals

Name, surname, birth identification number or date of birth, place of birth, gender, address and citizenship. These would normally be verified by an identity card or passport.

Details to be Collected on Corporates

the full name, residency/seat, identification (or similar identification received from foreign offices) showing evidence of the company’s existence (i.e. certificate of incorporation, trade register statement or other). The same principles for 'Individuals' apply for the identification of individuals in the company’s statutory body. If the company’s statutory body or the owner is another legal entity, identification documentation must also be collected for that entity. The way of acting of the statutory representatives, acting on behalf of the legal must be proven, e.g. visible from the certificate of incorporation, trade register statement or other similar document, or power of attorney must be provided by the client.

What are the high level requirements around beneficial ownership (identification and verification)?

The shareholders of a legal entity (with more than 25% holding and/or voting rights) must be ascertained up to the level of the ultimate beneficiary of the transaction, if there are suspicions. Direct and indirect ownership identification requirements are the same as for the relevant legal entity and/or individual.

What circumstances are enhanced customer due diligence measures required?

Enhanced customer due diligence is applicable for: a) a remote financial services agreement; b) a transaction and business relationship with a Politically Exposed Person ('PEP'); and c) a correspondent bank relationship with a foreign credit or similar institution ('Correspondent Institution')

How should FI's deal with Politically exposed persons

All transactions with PEPs are subject to due diligence including the provision of information and supporting documentation relating to: a) the purpose and intended nature of the transactions or business relationship; b) the beneficial owner, if the client is a legal entity; c) the information required for continuous monitoring of the business relationship; and d) a review of the income source.

What enhanced due diligence must be performed for correspondent banking relationships?

Prior to the creation of a correspondent banking relationship, the following is required: a) sufficient information on the relevant correspondent institution and the nature of its operations; b) publically sourced information to establish the quality of supervision overseeing the correspondent institution; c) an evaluation of measures applied by the correspondent institution against the legitimisation of proceeds of crime and financing terrorism; d) understanding if approval of relevant lead employee to open the corresponding bank relationship was granted, and e) in case of wire transfer, confirmation from the correspondent bank that it has identified the account holder

Are relationships with banks who might be considered a 'shell' and without substance permitted?

Yes

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

In the case of a remote financial services agreement: a) the first payment under this agreement shall be made via an account kept in the customer's name held at a credit institution or a foreign credit institution operating in the EU or EEA; b) the customer shall submit to the entity a copy of a document verifying the existence of this account together with copies of the relevant parts of his identity card and at least one more identification document to validate the customer's identification data of this card i.e. the type, serial number, issuing country or institution and validity.

To whom are SAR's made? (suspicious activity reports)

Financial analytical department (FAU) of the Police, the Ministry of Interior of the Slovak Republic

Link to website of SAR reporting

http://www.minv.sk/?financna-policia

Other Suspicious or unusual transactions obligations.

The suspicious transaction are identified based on various criteria such as unusual transactions, cash transactions above a certain threshold, international wire transfers etc. But no special report is required.

Are there any de-minimis thresholds below which transactions do not need to be reported?

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Potential cash penalties up to EUR 332,000 (depending on the seriousness of the breach) or a suspension of business license for conscious non-compliance within a 12- month period.

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

No, however, transaction monitoring should be performed by using adequate means which assumes the use of some automated technology.

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Yes - in general a transaction that is identified/reported as suspicious can be continued after 48 hours from when it has to be notified to the FAU, unless the FAU requires the transaction to be postponed further and FAU has passed the notification to criminal police (in which case an additional 24hour delay is anticipated by law).

Does the local legislation allow transactions to be monitored outside the jurisdiction?

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

N/A

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

N/A

Data Protection for Corporate Data

N/A

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

N/A

Regulator Acronym

FAU

Year of last FATF mutual evaluation

2014

Field 67

first payment made in an account kept in costumer's name held at credit institution/foreign credit institutioncopy of document verifying the existence of the accountcopy of relevant parts of identity card

National ID card details

compulsory at the age of 15.

Compulsory?

National ID source

https://en.wikipedia.org/wiki/Slovak_identity_card

Passport Photo

practical Guidance yes / no

Is there a risk based approach

Legal Requirement

Requirement to proceed

Yes

requirement to use automated suspicious transaction tools

Who are SARS made to?

FAU

shell banks

Yes

EDD for correspondent banking

Yes

Minimum transactions

EUR 15,000

Min transaction USD

16377

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Does the country have a risk based approach?

Yes - National bank issued a guidelines in this respect for the banking sector

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

These should be certified by an appropriate person e.g. a notary, local authorities etc. Specific rules apply to credit and financial institutions, where certain employees are authorized to verify these when opening account, concluding contract, etc

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

N/A

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

N/A