Requirements under the Law on Measures against Money Laundering

In connection with the Law on Measures against Money Laundering and the Rules for its Implementation, promulgated in State Gazette No. 3 of 08.01.2019, which introduced into the Bulgarian legislation the requirements of the European Parliament and Council Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering and the financing of terrorism, besides the obligation of a large number of legal entities to declare their actual owners, additional requirements are introduced.

Along with the requirement for the persons under Art. 4 of the LMML for the preparation of a plan for introductory and continuous training of its employees for their acquaintance with the requirements of the LMML and the acts for its implementation, which is sent to the Financial Intelligence Directorate of the State Agency for National Security (SANS) February 15 of the year to which it relates also provides for the submission of additional acts – Internal Rules. These are the Internal Rules for the Control and Prevention of Money Laundering and the Financing of Terrorism in accordance with the requirements of Art. 101 of the LMML, which should be submitted to the same SANS Directorate by 12.05.2019.