Bulgarian gambling regulator launches initiative against money laundering 

Bulgaria was added the FATF grey list in October.
Bulgaria was added the FATF grey list in October.

The NRA says it expects more collaboration with the industry.

Bulgaria.- The  National Revenue Agency (NRA) and the State Agency for National Security have announced a new joint initiative on anti-money laundering (AML) and counter-terrorist financing (CTF). A meeting with gambling industry stakeholders discussed ways that industry bodies can coordinate with members.

NRA Director General Rumen Spetsov said there will be increased collaboration between the regulator and the gambling industry to solve challenges regarding regulatory procedures and changes.

He said: “The NRA is focused on partnerships and is available to assist businesses when it comes to supporting their duties about the current legislation. We value the gambling industry’s commitment to effectively counter and prevent money laundering and terrorism financing.”

Bulgaria’s AML controls are being watched by the FATF, which added the country to its grey list of untrustworthy jurisdictions last October. 

In January, the NRA said it had blocked more than 600 online gambling sites in the last three months of 2023. It said the sites, including 22bet, Leon Casino and Luckyhit, were operating without a valid licence.

The NRA said the websites were found to allow the creation of accounts and accepted gambling with various payment methods. The NRA gives operators three days to stop their activity, after which it can seek a Magistrates Court order instructing internet providers to block access to the sites.

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