All business entities and NGOs incorporated within the territory of the Republic of Bulgaria shall have an AML contact person.
As per the Bulgarian Measures against money laundering Act the companies and NGOs are obliged to obtain, hold and provide an accurate information on the natural persons who are the beneficial owners thereof.
The information about the natural persons who are the beneficial owners shall be entered on the records of the companies and NGOs in the Commercial Register and in the NGOs Register.
Along with the declaration of a beneficial owner, the Bulgarian Measures against money laundering Act requires any company or organization to appoint an AML contact person. The contact person may be a manager or official representative of the company and NGOs, as well as an external consultant. Where the contact person is not a legal representative, a notary certified consent shall be provided.
In case where the sole owner of the capital, the partners, the shareholders and the manager are foreign companies or citizens a contact person shall be announced in the Commercial Register and the NGOs register.
The contact person is a natural person who is permanently resident within the territory of the Republic of Bulgaria.
The AML contact person is responsible for the communication with institutions, maintenance and provision of up-to-date documentation on the beneficial owners and the corporate structure of the respective business.
Companies and NGOs that already have announced legal representative with permanent residence in Bulgaria are not obliged to declare a contact person.
The obligation for declaring the contact person is aimed at the existing companies and NGOs, as well as the newly registered business entities.
The NGOs, which effected a re-registration after the 31st day of January 2019, declares the contact person for recording within four months after the effecting of the re-registration.
For the non-compliance with the obligation for announcing of a contact person a pecuniary penalty starting from BGN 1000 to BGN 10 000 shall be imposed.
We can offer you such an AML contact person for a nominal monthly fee.
For more information please do not hesitate to call us on: +359 2 851 72 59 or contact us by e-mail: firstname.lastname@example.org
Send An Inquiry