Law News , April 2025

ACT ON THE IMPLEMENTATION OF REGULATION (EU) ON INFORMATION ACCOMPANYING TRANSFERS OF FUNDS AND CERTAIN CRYPTO-ASSETS ADOPTED

On 6 March 2025, the National Assembly of the Republic of Slovenia adopted the Act on the Implementation of Regulation (EU) on Information Accompanying Transfers of Funds and Certain Crypto-Assets (ZIUIPSK), which regulates the implementation of Regulation 2023/1113/EU and establishes rules for the supervision of payment service providers and crypto-asset service providers when transferring such funds. Main objectives of the newly adopted act is to increase the transparency of payments and prevent money laundering. The Act entered into force on 2 April 2025.

In 2023, two regulations defining the scope of the market for crypto-assets were adopted at EU level: the Regulation on Markets in Crypto-Assets and the Regulation on Information Accompanying the Transfers of Funds and Certain Crypto-Assets. The implementation of the first is already regulated by the Act on the Implementation of the Regulation on Markets in Crypto-Assets, which we reported on in the November 2024 edition of our EY Law News. The implementation of the second regulation is now governed by the newly adopted ZIUIPSK.

The Act determines what information about payers and payees must accompany the transfer of funds, as well as the rules on what information about the so-called originators and recipients of funds must accompany the transfer of crypto assets.

In addition, the Act determines the method of supervision, supervisory measures, the procedure for imposing supervisory measures and the offences imposed by the supervisory authorities. These are the Bank of Slovenia, the Securities Market Agency and the Office for Money Laundering Prevention of the Republic of Slovenia.

AMENDMENT TO THE ACT ON THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING ADOPTED (ZPPDFT-2B)

On 6 March 2025, the National Assembly of the Republic of Slovenia also adopted an amendment to the Act on the Prevention of Money Laundering and Terrorist Financing (ZPPDFT-2B), which transposes Directive 2015/849/EU in the area of the crypto-asset market into Slovenian legal order, and regulates the implementation of Regulation 2020/2223/EU, which establishes cooperation between the Office for Money Laundering Prevention of the Republic of Slovenia and the European Anti-Fraud Office (OLAF). The amendment entered into force on 2 April 2025.

The key novelties introduced by the amendment are as follows:

• The amendment transposes into Slovenian law harmonized definitions of certain key terms related to the crypto-asset sector, as introduced by Regulation 2023/1114/EU.
• The Register of Virtual Currency Service Providers, previously maintained by the Office for Money Laundering Prevention, is abolished.
• The amendment introduces the risk assessment for money laundering and terrorist financing which, in addition to client due diligence, must be carried out by the obliged entity when acting as crypto-asset service provider.
• The supervision and licensing of crypto-asset service providers is shared between the Securities Market Agency and the Bank of Slovenia.
• Information requested by OLAF in its investigations (data on bank accounts and associated transactions) will be provided in Slovenia by the Office for Money Laundering Prevention.

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