AML Central Point of Contact in Bulgaria

27 April 2021

NBLO’s work as Central Point of Contact 

New Balkans Law Office’s expertise and extensive work in the area of Anti Money Laundering (AML) was recognised by one of the largest global cross-border payment service providers who have appointed NBLO as their Central Point of Contact (CPC) in Bulgaria.

 

What is a CPC?

According to s 10 of the Regulations for the Application of the Prevention of Money Laundering Act (PMLA Regs) and s 16(3) of Ordinance 16 of the Bulgarian National Bank (BNB), the issuers of electronic money and providers of payment services who do business in Bulgaria through local sub-agents and have a head office in another EU Member State, must appoint a CPC.

 

What are the main responsibilities of the CPC?

The CPC has a range of duties to communicate with the Bulgarian National Bank (BNB) and the Financial Intelligence Directorate (FID) of the State Agency for National Security (SANS).

One duty is to implement its principal’s internal controls against money laundering and terrorist financing. 

The CPC familiarises the electronic money issuer or payment service provider with the legal requirements and updates it on changes. It also helps provide assurance that the local sub-agents through which the PSP’s business is conducted in Bulgaria is  AML-compliant, eg, by helping with ongoing monitoring of sub-agents. The CPC also responds to requests for information on sub-agents whether of a statistical nature, or specifically requested by the Bulgarian sectoral regulators.

 

What are our advantages as a CPC?

Our AML team has been led since 2020 by a former special agent from SANS with substantial experience of the work of the FID. 

Having this experience is invaluable in our activity as appointed CPC. We have experience and knowledge of how the regulatory bodies conduct AML checks experience we maintain and enlarge.

© New Balkans Law Office 2022

The Bulgarian and dual-qualified lawyers of New Balkans Law Office are regulated by the respective Bar of their registration. New Balkans Law Office is a brand name of Legal Services EOOD, a company registered under Bulgarian law. Reg’d No. 202331677. Further details are available here.

© New Balkans Law Office 2022