Measures against Money Laundering Act (MMLA)

Measures against Money Laundering Act (MMLA)

We would like kindly to inform you that as an intermediary in real estate transactions, the AGENCY, part of STOYANOV ENTERPRISES, is an obligated person pursuant to Art. 4, item 18 of the Measures against Money Laundering Act (MMLA) and Art. 9, para. 2 of the Measures against the Financing of Terrorism Act (MFTA).

Pursuant to the said laws, before entering into a Brokerage Contract for the purchase and sale of real estate property (ies), or a Guarantee Deposit Agreement and other documents, as well as in the case of rentals of real estate property (ies) in which the monthly rent amounts to or exceeds EUR 10,000 or equivalent in other currency, we are obliged to carry out due diligence, including identification of the clients. For this purpose we will require the following documents from you:

• A copy of an identity document (identity card - for Bulgarian physical persons or a passport - for foreign physical persons. Should a foreign citizen also possess document certifying residence on the territory of the Republic of Bulgaria, a copy of the same shall also be taken)

• Copy of the identity document of the legal representative (s) of the actual owner (s) (in the case of a legal entity)

• Copies of a power of attorney, identity document of the authorised person, should you be represented by an authorized person.

• Declaration pursuant to Article 42, para. 2, item 2 of the MMLA for a PEP (Politically Exposed Person) declaring that you do not fall into the categories referred to in Art. 36, para. 2, Art. 36, para. 5, and that in the last 12 months you have not fallen into any of these categories or, respectively, fall into any of the listed categories. The declaration shall be completed by the client who is a natural person, by natural persons in their capacity as representatives and the actual owners of the capital of a legal entity.

• Declaration pursuant to Art. 59, para. 1, item 3 of the MMLA for the actual owner of the capital of a legal entity. This declaration shall be completed in the event that the client legal entity has not submitted a declaration referred to in Art. 63, para. 4 in the Commercial Register at the Registry Agency or if the actual owners are not registered as partners or sole owners of the capital of the company.

• Declaration pursuant to Art. 66, para. 2 of the MMLA concerning the origin of the funds when buying a real estate property, as well as when renting real estate property for a monthly rental amount of more than EUR 10,000, to be completed by natural and legal persons in compliance with the relevant requirements of the law for the full, accurate and clear indication of the money to be used for the purchase/rental of the property.

• Information questionnaire for a client - legal or natural person

The documents you submit, respectively copies thereof, will be stored properly and will be used only for inspections undertaken by the competent state authorities in the person of the Financial Intelligence Directorate of the State Agency for National Security. Therefore, the processing of personal data for the purposes of the prevention of money laundering and the financing of terrorism is considered a matter of public interest under Regulation (EU) 2016/679 and may not be restricted by the requirements of Art. 12 - 22 and Art. 34 of the same Regulation (Art.83, para. 2 of the MMLA). You can rest assured of the security of your personal data because the AGENCY processes your personal data in compliance with all the requirements of the Personal Data Protection Act and the GDPR.

For your convenience, the PERSONAL DATA PROTECTION POLICY section of the site presents all the information regarding the categories of personal data processed, the legal grounds for processing, the categories of recipients and the storage periods, for each of the purposes of processing.

Pursuant to art. 4 of the MMLA all obligated persons (including financial institutions, real estate agencies, notaries, and others) are obliged to identify their clients by presenting an official identity document and taking a copy of it (Art. 53, para. 1 of the MMLA). The identification of individuals includes individual customers, legal representatives and the actual owners of commercial companies. In the case of legal entities registered under Bulgarian Commercial Law, publicly available documents are collected. These are: an up-to-date report on the general status of the company; current status; company statutes, etc., as well as an up-to-date report on the actual owners of the capital and the representatives of the company. The relevant references and documents shall be archived and stored for the purposes of the said laws.

When an Intermediary Purchase Agreement or a Guarantee Deposit Agreement is entered into by means of an electronic statement, electronic signature or other form without the presence of the client, additional documents may be required in order to comply with the legal provisions.

If you have any questions, do not hesitate to contact us!