Changes in AML legislation of Bulgaria

Bulgaria is one of the convenient and budgetary jurisdictions for international companies registration where new registration rules have been in effect for 2 months.

If you plan to register a company in Bulgaria or buy a ready-made one, you need to know the current rules of company formation in Bulgaria, as well as the latest changes in its AML legislation.

The discussions of future changes in AML legislation have not abated in Bulgaria since the beginning of the year. As a result, amendments to the Law on Measures against Money Laundering (Промени в Закона за мерките срещу изпирането на пари) entered into force on 11th of May 2019.

Registration of Bulgarian companies’ beneficiaries under the new rules

There is no necessity for registration of the Ultimate Beneficial Owners of new Bulgarian companies the             second time, if they are already specified in the data on other legal entities entered in the Bulgarian public registers, for example, in the Commercial Register and the BULSTAT Register. The owners’ data from the registers are added to the information about the new company.

Requirements for a local representative of the Bulgarian company

According to the current AML requirements every company registered in Bulgaria must have a local representative if its director isn’t a Bulgarian resident.

Is it necessary to change the AML policies of the existing Bulgarian companies?

According to the new rules all companies must adapt their policies for control and prevention of money laundering and terrorism financing in accordance with the Bulgarian legal framework within six months since the date of publication of the national risk assessment results on the website of the State Agency for National Security in Bulgaria.

What should the wholesale suppliers expect in Bulgaria?

Keep in mind that the Law on Measures against Money Laundering doesn’t contain a clear definition of the term “wholesale suppliers”, so the State Agency for National Security in Bulgaria publishes on its website the signs indicating that the company belongs to the category of the wholesale suppliers. Such companies are obliged to comply with all AML laws of Bulgaria.

But do not worry about these changes. Mayon Solutions team of professionals is always ready to help you adapt your business to any changes.

Mayon Solutions is always aware of the latest changes in the legislation of Bulgaria and other jurisdictions. Our long-term experience in the field of registration of international companies, opening of bank and merchant accounts, licensing and tax planning will help you choose the most optimal solution especially for you.

Start optimize your business with Mayon Solutions right now!