NRA launches initiative against money laundering

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NRA launches initiative against money laundering

The National Revenue Agency (NRA) and the State Agency for National Security have jointly announced a new initiative targeting anti-money laundering (AML) and counter-terrorist financing (CTF).

A recent meeting with stakeholders from the gambling industry explored avenues for industry bodies to align efforts with regulatory objectives.

NRA Director General Rumen Spetsov emphasized an enhanced partnership between regulators and the gambling sector to address challenges related to regulatory compliance and evolving standards. He stated:

The NRA prioritizes collaborative efforts and stands ready to support businesses in fulfilling their obligations under current legislation. We commend the gambling industry’s dedication to effectively combatting money laundering and terrorism financing.

Bulgaria’s AML measures are under scrutiny by the FATF, which placed the country on its grey list of jurisdictions of concern last October.

In January, the NRA reported that it had blocked over 600 online gambling platforms during the final quarter of 2023, including sites such as 22bet, Leon Casino, and Luckyhit, for operating without valid licenses.

These websites were found to facilitate account creation and accept wagers using various payment methods. Operators are given a three-day grace period to cease operations, following which the NRA may pursue Magistrates Court orders to compel internet providers to block access to these sites.