Wholesalers – obligations under the Measures Against Money Laundering Act

Check your company’s scope of activity!

New rules under the Measures Against Money Laundering Act аfter 12.05.2019.

The new implementation regulations of the Measures Against Money Laundering Act (MAML) entered into force.
All obliged persons and companies must adopt new internal rules regarding the control and prevention of money laundering and apply them to the Director of the Financial Intelligence Directorate of the National Security Agency for approval until 12.05.2019.

The relevant activities leading to the internal rules adoption and application are described in the MAML.
Here are two of the most common company activities:
• Wholesale;
• Real estate agency business.

Wholesale is particularly popular and common as a part of the scope of activity of many Bulgarian companies and these companies are automatically obliged by the law whether or not they actually exercises wholesale.
Companies which do not carry out the activities according to MAML but have included these activities in their scope of activity have a possibility to change their scope of activity to be able to skip adopting internal rules under the MAML.


Please note that this news is current as of 11.02.2019 and each case is strictly individual. This news is for information purposes only and does not constitute specific legal advice. Therefore, before you take specific action, and if we have not been able to answer all your questions, we recommend that you contact us and we will be happy to assist you. Every first consultation with us is completely free!