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04-06-2019 12:35
A legal roadmap to a dynamically changing regulatory landscape in the anti-money laundering area

DGKV’s team is working around the clock to get in line with the new Anti-Money Laundering Act (“AML Act”). The AML Act came into force on March 31st 2018 transposing into national law the Anti-Money Laundering Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015. The legislation introduced a series of new and unfamiliar measures for the business and enhanced the client due diligence in analyzing the risk of money laundering and terrorism finance. Additionally, a series of key follow-up amendments in the legal framework were introduced with the transitional and final provisions of the Act for amendment and supplement to the Military Equipment, Ammunition, Explosives and Pyrotechnic Products Act (Art.71, promulgated in State Gazette, Issue 37 of 07.05.2019, enforced from 11.05.2019). Read about the more significant changes in the new legal framework of the Anti-Money Laundering Law in English and Bulgarian.

Further to the alert we also hereby confirm that we have the capacity and can offer our clients legal support in relation to the AML requirements. Whatever is the business of our existing and potential clients we strongly encourage them to keep working on bringing their activity in line with the new legal framework and to those that have not started up the process yet, to initiate it ASAP since the time remaining is limited. 

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Source: www.dgkv.com
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