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Bulgaria’s Banking Sector Faces New Compliance Challenges as Amendments Take Effect

Sofia, Bulgaria

The Bulgarian National Bank (BNB) has recently introduced significant amendments to its Ordinance No 3 on payment accounts, payment transactions, and payment instruments. The changes aim to bring the country’s banking regulations in line with European Union standards, specifically Commission Delegated Regulation (EU) 2018/389.

Key Updates

• Payment service providers must conduct customer due diligence in compliance with Bulgaria’s Anti-Money Laundering Act, including identifying customers and their beneficial owners, as well as monitoring business relationships where necessary.
• A new chapter on technical standards for payment interfaces has been introduced, which must be maintained by payment service providers. The interface must contain contingency plans in the event of system breakdowns or unavailability.

Relief Measures

• Payment service providers may be relieved from maintaining a contingency mechanism following consultation with the European Banking Authority if certain requirements are met.
• Statistical data on payment-related frauds must now be provided by payment service providers.
• All payment services providers must indicate their respective IBANs.
• Personalisation of payment cards is now mandatory.

Compliance Challenges

The amendments come as Bulgaria’s banking sector faces increased scrutiny over compliance issues. With these changes taking effect, payment service providers must adapt quickly to avoid non-compliance penalties.

Source: Kinstellar, a leading legal counsel for investors in Emerging Europe and Central Asia.