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AML/CFT Legislation in Bulgaria
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AML/CFT Legislation in Bulgaria

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AML/CTF Supervisors of Bulgaria

Continent of Bulgaria

SANS - The Anti-Money Laundering Authority

The State Agency National Security (“SANS”) is the main AML/CTF supervisory authority. The Financial Intelligence Directorate of the SANS has the authority to collect, store, investigate, analyse and disclose the conducted financial intelligence under the terms and procedures of the AML Act and the CTF Act.

Other authorities that monitor compliance with the key obligations under the AML Act in certain sectors include the Bulgarian National Bank and the following:

  • The Financial Supervision Commission;
  • The National Customs Agency; and the
  • State Commission on Gambling.

How to comply with AML obligations in Bulgaria

There are almost 40 categories of reporting entities under the AML Act, including banks, financial institutions, payment services providers, insurance and reinsurance companies and intermediaries distributing life risk insurance.

The main obligations of the reporting entities under the AML Act include customer due diligence (CDD), the collection of information and documents and their storage, an assessment of the risk of money laundering, terrorist financing and the disclosure of information on suspicious operations, transactions and customers.

In order to meet your AML compliance obligations, you must do the following:

  • Have an AML program in place
  • Conduct KYC; CDD and EDD (comprehensive customer verification)
  • Recordkeeping (collection of documents, data and information)
  • Money laundering risk valuation
  • Transaction monitoring
  • Disclosure of suspicious transactions and customers
  • Information exchange and interaction at national level as well as with the competent authorities of other countries; and
  • AML training for staff

In relation to recordkeeping, you are required to retain data for not less than five (5) years. This is a part of your AML and KYC obligations for due diligence. In the case where this information is processed, collected and managed by a relevant third-party, you are responsible for collecting all such necessary information due diligence data from the third party without undue delay.

What are my AML/CTF reporting obligations

The following obligations apply to you as a financial institution:

  • If you are unable to carry out identification of the client when commercial or professional relations have already been established, you must assess whether it is necessary to notify the FIU; and
  • Whenever there is a suspicion of money laundering and/or that the proceeds of criminal activity are involved, you are obliged to notify the FIU before the operation or transaction is carried out and to delay the implementation of the operation or transaction.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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