Financial institutions will be required to provide information about unusually large or highly complex financial transactions to the State Agency for National Security, in terms of legislative changes that were set to be approved at a meeting of Bulgaria’s Cabinet on August 1 2012.
The new measures will require banks and credit companies, insurance companies, notaries, the National Revenue Agency and Customs Agency to examine the nature and purpose of these transactions.
Their conclusions should be recorded in writing and kept on file for five years at the financial intelligence directorate at the State Agency for National Security and financial supervisory authorities. In some cases, the data will be kept for up seven years.
The proposed legislation extends the powers of the director of financial intelligence in respect of financial transactions with countries that do not apply international standards, especially if there is no logical economic explanation or apparent reason for a transaction.