Amendments in the Measures Against Money Laundering Act

Today, in State Gazette, Issue 7 from the 26th of January, 2021, was promulgated Measures Against Money Laundering Act (“the Act” or “MAMLA”), according to which the wholesalers are no longer obliged persons under the meaning of MAMLA.

The wholesalers shall be exempt from their obligation to comply with the requirements of the Act, amongst which are execution of risk assessment, adoption of internal rules, conduction of trainings, appointment of persons, who shall perform internal control under the application of the Act, conduction of complex due diligence of clients, record-retention and disclosure of information before the competent authorities and etc.