The Law on Measures against Money Laundering, adopted in 2018, and its Implementing Rules, in force since January 2019, introduce the requirements of the Directive (EU) 2015/849 of the European Parliament and of the Council of May 20th 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
A substantive change is the obligation for legal persons to provide information about their actual owner, data on the persons representing them and managing them and their business activity to state bodies and legal entities defined by the law.
This information should be provided to the Registry Agency in the period from February 1, 2019 to May 31, 2019.
This shall be done by submitting a Declaration with a notary certification of the signature of the manager of the company stating:
- who is the actual owner / owners
- who are the legal entities through which directly or indirectly control is exercised
- contact person’s data in the Republic Bulgaria.
The Declaration shall be accompanied by certificates of good standing for the legal entities holding company ownership.
In the case of non-compliance, the law provides for a pecuniary penalty of BGN 1 000 to BGN 10 000, which will be imposed every month until the registration is filed.
Should you need assistance on this matter, the Sb Accounting & Consulting team is at your disposal for any questions and further information!
