The Compliance with regulatory requirements is the responsibility of all employees and members of the Bank's management and control bodies (Management Board, Supervisory Board, Audit Committee, etc.) and is part of the Bank's corporate culture.
Bulgarian-American Credit Bank operates General Regulatory Compliance Service and Regulatory Compliance Service in relation to the Prevention of Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD) and Compliance with restrictive measures (sanctions), which carry out the activities of identifying, measuring and managing the risk related to general regulatory compliance and the risk related Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD) and Compliance with restrictive measures (sanctions). These services shall carry out the activities of monitoring, controlling, training, advising and assisting staff on general compliance and compliance with applicable legislation, regulations, guidelines, recommendations and other instructions of the European Banking Authority on the basis of an established system and mechanism of internal rules, procedures and practices to manage the risk of non-compliance with regulatory acts
Regulatory Compliance
The scope of the regulatory compliance function includes, as a priority, regulations dealing with banking and financial activities and operations in the country, as well as applicable guidelines, recommendations and other measures related to: (1) protection of personal data; (2) protection of banking and trade secrecy and other confidentiality obligations established under applicable law; (3) application of the rules of professional and personal ethics and principles of conduct of BACB employees; (4) handling of customer complaints and signals of Bank employees and third parties regarding irregularities and illegal actions; (5) ensuring regulatory compliance in the implementation of new banking products, services and processes with the law and applicable regulations.
Prevention of Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD) and Compliance with restrictive measures
The and Regulatory Compliance Service in relation to the Prevention of Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD) and Compliance with restrictive measures (sanctions), performs the functions and fulfils the duties in relation to AML/CFT/WMD restrictive measures (sanctions) and is responsible for implementing the actions and measures provided for in the applicable legislation (the AML/CFT/WMD and restrictive measures (sanctions) legilsations and implementing regulations) and the European Banking Authority Guidelines on Measures to Prevent the Use of the Financial System for Money Laundering Purposes. The AML/CFT measures implemented by BACB are aimed at: (1) conducting customer due diligence; (2) monitoring and analyzing customer transactions; (3) monitoring and managing specific risks, such as the risk of non-compliance with applicable AML/CFT WMD and restrictive measures (sanctions) laws and regulations; (4) implementing and enforcing effective practices for the timely identification, management, and reporting of suspicious customer transactions and conduct as required by applicable AML/CFT/ WMD and restrictive measures (sanctions) laws; (5) complying with and enforcing international restrictive measures and targeted financial sanctions.
