New requirements for the legal entities pursuant to the Measures against Money Laundering Act

Dear Clients,

Hereby, we would like to inform you about significant change into the Measures against Money Laundering Act / MAMLA/, related to the activity of all legal entities established and operating in the Republic of Bulgaria.

In addition to the obligation for declaring the ultimate owner of the shared capital for the companies and legal entities, the MAMLA provides another requirement, namely:

All owners should declare a contact person in the Registry Agency, who is a permanently residing in the Republic of Bulgaria.

The change came in force due to the requirement of the public authorities to be able to get an assistance or information at any time. The measures are mainly aimed at the existing companies, which are registered in Bulgaria but have no activity, representatives or offices in the country.

The contact person may be an employee of the company, but may also be an external consultant. In case that he/she is not manager or official representative, consent via notary certified declaration shall be providedHis/her responsibilities are related to communication with institutions and official bodies, maintenance and provision of up-to-date documentation on the beneficial owners and the corporate structure of the respective business.

Companies that already have announced manager / procurator / representative with permanent residence in the country have no obligation to declare a contact person.

New Law on Measures against Money Laundering was adopted in March 2018 and so far it has introduced changes periodically. Till that moment there is no definite deadline for the declaration of the contact person. In this regard, Sb Accounting & Consulting Team shall have the obligation to inform you about new requirements and changes related to MAMLA.

Should you need assistance on this matter, we are at your disposal for any questions and further information!

Sb Accounting & Consulting Team
Your trusted business outsourcing partner in Bulgaria