site.btaCentral Bank Adopts New Measures Related to Cryptoassets in Supervision of Anti-Money Laundering and Terrorism Financing Efforts

The Governing Council of the Bulgarian National Bank (BNB) has adopted a decision on the implementation, effective December 30, 2024, of the Guidelines amending Guideline EBA/GL/2021/16 on the characteristics of the risk-based approach to supervision of countering money laundering and terrorism financing and the measures to be taken in risk-sensitive supervision under Article 48(10) of Directive (EU) 2015/849 (Risk-Based Supervision Guidelines), the BNB said.

The amendments broaden the scope of entities assessed to which competent authorities should also apply risk-based supervision to include cryptoasset management companies. Guidance is included on the sources of information that competent authorities should consider when assessing money laundering and terrorism financing risks related to cryptoasset service providers, the BNB said.

The guidelines underline the importance of a consistent approach in setting supervisory expectations when several competent authorities are responsible for the supervision of the same institutions. They also underline the importance of training so that competent authority staff have the technical skills and expertise needed to perform their functions, the BNB said.