On January 9th, 2020, the long-awaited National Risk Assessment (“NRA”), was published by the State Agency for National Security (“SANS”). It identifies the economic activities, transactions and distinguishing features of the entities, who, based on the data analyzed by SANS, are often linked to money laundering involving Bulgaria.
As of January 9th, 2020 starts to run the 6-month period for obliged entities under the Act on Measures against Money-Laundering (including banking and financial institutions, wholesalers, consultants, insurers, etc.) to adapt or adopt their own internal rules for the prevention of money laundering and limiting the related risks. Using the types and levels of risk of money laundering identified in the NRA, the obliged entities should determine in which cases they need to conduct with increased attention their business operations and relationships with trading partners and / or apply enhanced anti money-laundering assessments.
Earlier last year, the requirement to send these internal rules to SANS was abolished and now the obliged entities shall only be able to provide the rules upon request by SANS.
DGKV’s team is working around the clock to get you in line with the new legal framework. Contact us for assistance. Meet the team: