Your internal AML Rules – Update required
The long-awaited results of the AML national risk assessment are finally here.
Bulgaria has completed its first National Risk Assessment (NRA) under the new anti-money laundering rules (AML) routed in the EU legislation, aiming to provide a broad assessment of the country’s Money Laundering/Terrorist Financing risks.
On January 9, the State Agency for National Security (SANS) published a summary of the NRA on its website. As of the publication, the obliged entities, including credit institutions, banks, life insurance companies, investment firms, FinTech companies, wholesalers and other entities1, have 6 months to update their internal AML policies, procedures and controls to comply with the requirements of the Measures Against Anti-Money Laundering Act (MAMLA), which implemented the 4th and 5th AML Directives.
Read more here .