On November 27, 2024, the National Council of the Slovak Republic (parliament) approved an amendment to Act No. 297/2008 Coll. on Prevention of Money Laundering and Terrorist Financing, as amended (the “Amendment“).

Pursuant to the explanatory memorandum, the main objective of the amendment is the implementation of Regulation (EU) No 2023/1113 on information accompanying transfers of funds and certain crypto-assets. Under the Amendment, the list of ‘obliged entities’ now includes crypto-asset service providers, replacing virtual currency wallet service providers and virtual currency exchange service providers. The Amendment also introduces a new concept of crypto-assets, replacing the concept of virtual currency.

It also expands the definition of ‘ultimate beneficial owner’ in relation to, among others, a trust established under the law of another country. Trustees of such a fund are now required to comply with certain obligations set out in the law.

The Amendment introduces also certain changes in relation to customer due diligence performed by an obliged entity, an obliged entity’s program of own activities (AML compliance program), risk assessment, etc.

The Amendment amends also other legal regulations, reflecting the European Commission’s objections to incorrect or insufficient transposition of the European laws.  

The Amendment became effective on January 15, 2025.