Latest Amendments to AMLA for 2024
Latest Amendments to AMLA for 2024
What Do They Mean for Obligated Entities?
11 Mar 2025 |
The Anti-Money Laundering Act (AMLA) was enacted in 2019 and remains the primary regulatory framework in Bulgaria for preventing the misuse of the financial system for money laundering. It aligns with both national legislation and key international practices and EU directives.
To address evolving risks - especially those related to technological advancements and new economic realities—the AMLA has undergone modifications between 2022 and 2024. As of 2025, these amendments are now in effect, aiming to enhance the intensity and effectiveness of anti-money laundering efforts.
Key Amendments to AMLA in 2024
The 2024 changes can be categorized into three main areas:
Expansion of the Scope of Obligated Entities (Effective 16.01.2024)
- The list of entities required to comply with AMLA regulations has been broadened.
- New obligations now apply to professionals offering company formation services, corporate management, business address provision, trustee services, and shareholder representation on behalf of others.
- New mandatory procedures for client identification, transaction monitoring, and internal staff training to detect suspicious activities.
- Certain businesses and individuals must establish specialized compliance units to oversee these measures.
- From 2025, violations of AMLA obligations can result in fines starting at BGN 5,000.
- In cases of severe violations detected through official AML investigations, penalties may reach BGN 10,000.
One of the most significant changes is the broader scope of professionals covered under AMLA, including:
- Lawyers, auditors, insolvency practitioners, and other financial professionals.
These new regulations may disrupt certain industries where specialized compliance expertise is lacking, raising concerns about operational challenges. Some critics argue that these rules may burden professionals without significantly improving anti-money laundering efforts.
Advantages of Using a Specialized Platform like Truvity
Advantages of Using a Specialized Platform like Truvity
A dedicated AML compliance platform like Truvity can help obligated entities navigate these new requirements efficiently.
- Regulatory Compliance: Truvity is fully aligned with both past and newly introduced AMLA regulations.
- Enhanced Risk Detection: Its intuitive interface and advanced tools help professionals identify risks with minimal effort.
- Comprehensive Regional Data: Covers ten Southeast European countries with real-time updates.
- Unique and Reliable Profiles: Each individual or entity has a single profile combining data from multiple sources.
- Seamless Search & Accurate Results: Integrated search tools provide instant access to verified data.
Try Truvity for Free
Lawyers, auditors, accountants, non-banking financial institutions, and other obligated entities under AMLA can test Truvity at no cost.
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