Update of Anti-Money Laundering Rules Required

Update of Anti-Money Laundering Rules Required

On the 9th of January 2020 the Bulgarian National Security State Agency (“NSSA”) published on its website the Results from the Money Laundering and Terrorism Financing National Risk Assessment (“NRA“).

The NRA was published pursuant to the requirements of the recent Bulgarian Anti-Money Laundering Act, effective as from 2018 (“AMLA”).

Under ALMA a wide range of businesses, organizations, authorities, proprietors, etc. are required to maintain up-to-date Anti-Money Laundering Internal Rules.

Following the publication made by the NSSA, the respective Anti-Money Laundering Internal Rules have to be revised in order to comply with the updated statutory requirements of AMLA.

Such update shall be completed no later than the 9th of July 2020.

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