Central Point of Contact in Bulgaria from the AML perspective

27th 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) has recently been recognised by one of the largest global cross-border payment services providers who has 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 (RAPMLA) and s 16(3) of Ordinance 16 of the Bulgarian National Bank (BNB), the issuers of electronic money and the providers of payment services, which do business in Bulgaria through a local network of sub-agents and have a head office in another EU Member State, must use 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 such is to implement the internal control against money laundering and terrorist financing. 

The CPC acquaints the electronic money issuer or payment service provider with the requirements of the law and must provide information about updates to the law. It also helps provide assurance that the local network of sub-agents through which their business is conducted in Bulgaria meets AML legal requirements.

The CPC helps conduct ongoing monitoring of the sub-agents. Responds to requests for information on sub-agents whether statistical or specifically requested.

 

What are our advantages as a CPC?

Our AML team has been led since  2020 by a former special agent from SANS. 

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