AML Assistant is an information system that provides information on the current legal framework in Bulgaria and the EU, best practices, sample documentation, comments and identifying information to help building a compliance with the legislation on anti-money laundering and counter terrorist financing. The product has been developed jointly by APIS Europe JSC (hereinafter "APIS") and Ernst & Young Bulgaria (hereinafter "EY").
The main legal framework on which the content of the module is based includes the following European and Bulgarian legislative acts: Directive (EU) 2015/849 (Fourth Directive), as amended by Directive (EU) 2018/843 (Fifth Directive), Measures Against Money Laundering Act (MAMLA), Measures Against the Financing of Terrorism Act (MAFTA) and Counter-Corruption and Unlawfully Acquired Assets Forfeiture Act (CCUAAFA).
Description of the content
I. Legal information
- International law
- International treaties in the subject area of the product
- EU law
- Case law
- Bulgarian law
- Case law
- Instructions, sample forms and other documents of the competent Bulgarian institutions
- State Agency for National Security
- Bulgarian National Bank
- Counter-Corruption and Unlawfully Acquired Assets Forfeiture Commission
- Best practices, guidelines and instructions of international organisations
- Financial Action Task Force (FATF)
- European Banking Authority (EBA)
- Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)
(Note: Most documents in this category are protected by copyright, so they are presented only with brief information about their content and a link to the website of the respective international organisation.)
II. Expert articles and comments
This part of the content of AML Assistant includes publications of leading experts of EY: author's comments, articles, analyses on current topics and issues related to the implementation of anti-money laundering legislation.
III. Sample documentation
The purpose of the sample documentation is to assist users in developing a package of documents of compliance required for the obliged entities. The documentation has been prepared by EY experts that have extensive knowledge and experience in the subject area. In essence, it is a package of sample documents that help the obliged entities to build their own compliance policy in accordance with the requirements of the legislation on anti-money laundering and counter terrorist financing. Among the proposed sample documents are sample internal rules, a procedure for customer due diligence, a questionnaire "Know your customer" and others.
IV. Interactive forms
This part of the product offers the user several interactive forms, which aim to assist in decision-making process of introducing and practical implementation of a policy of compliance with the requirements of the legislation, as well as in documenting the activities performed.
More important examples of such interactive forms are:
- Risk Register – a table (essentially, a user database) with fields for filling in of information about the identified risks and the measures taken for their mitigation;
- Self-assessment Compliance Questionnaire – contains a list of questions (in the form of a "checklist" for the needs of an internal audit) on the activities to be undertaken in the organisation, and based on the answers received, the system leads to a reasonable conclusion for the client about the achieved degree of compliance with the requirements of the legislation;
- Action Plan - an interactive form that helps users to document the actions planned and undertaken by the organisation to achieve compliance with the requirements of the legislation.
Information service for client’s identification
This is a separate functionality developed by APIS on behalf of Bulgarian banks, based on data contained in the product “APIS Register +”. Currently, the service provides a list of the politically exposed persons (PEPs) in a structured file format and is based on the data from the public declarations under Article 35(1) of CCUAAFA.
The purpose of the service is to provide information on whether a person is:
- Politically exposed person within the meaning of Article 36(2) of MAMLA;
- “Closely linked person” within the meaning of Article 36(5) of MAMLA with the above category of persons, whereas information about the link is derived from the declarations under Article 35(1) of CCUAAFA and the data on traders in the Commercial Register.
In the product “AML Assistant” it is planned to develop at the next stage an interface for connection with a customer identification module. This interface will allow the user to execute an individual search query for a specific person whether s/he falls into any of the above-mentioned categories, as well as to request to be notified automatically of changes in the status of a group or all its customers or contractors in terms of affiliation to the above categories of persons.