Bulgaria: Relief from certain anti-money laundering requirements for wholesale traders

Bulgaria: Relief from certain anti-money laundering

Wholesale traders are no longer “obliged persons” under certain anti-money laundering measures.

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An amendment provides wholesale traders are excluded from the list of obliged persons—meaning that they will not have an obligation to comply with requirements concerning customer due diligence, storage and the disclosure of information to the competent authorities, and certain other requirements. The purpose of the amendment is to reduce the administrative burden of wholesale traders.

Wholesale traders, thus, need to assess what information they will not be required to collect in the future, as well as to decide what to do with information already gathered.

Read a January 2021 report [PDF 92 KB] prepared by the KPMG member firm in Bulgaria

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