New law in Bulgaria introduces a definition of the term “beneficial owner”—a definition that fully corresponds to the definition introduced by EU Directive 2015/849.
Under this definition, if the beneficial owner cannot be identified, or when there are doubts that the person identified is not the beneficial owner, the individual who acts as a senior managing official in the company would be considered the beneficial owner.
Penalties for failing to comply with the disclosure requirements of beneficial owners may be imposed on individuals and legal entities.
Read a March 2018 report [PDF 150 KB] prepared by the KPMG member firm in Bulgaria
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