AML – Required Documents and Client Identification
Information for Our Clients
Petrakievi Real Estate OOD is an obliged entity under Article 4, item 18 of the Measures Against Money Laundering Act (MAMLA) and in accordance with the applicable provisions of the Measures Against Financing of Terrorism Act (MAFTA).
In fulfilment of our legal obligations, in certain transactions and circumstances we are required to carry out client identification and enhanced due diligence prior to establishing a business relationship and in the cases provided for by law.
These requirements apply to а real estate agency services as well as to rental transactions where the monthly rent is equal to or exceeds EUR 10,000 or its equivalent in another currency.
What Documents May Be Required?
Depending on the specific transaction and the client, the following may be required:
- Identity document – an identity card for Bulgarian citizens or a passport/other official identity document for foreign citizens;
- Documents and information concerning a legal entity, its legal representatives and beneficial owners;
- Power of attorney and identity document of the authorised representative, where the client is represented by an authorised person;
- Declaration under Article 42, paragraph 2, item 2 of the MAMLA concerning the circumstances under Article 36 of the MAMLA relating to politically exposed persons;
- Declaration under Article 59, paragraph 1, item 3 of the MAMLA concerning the beneficial owner of a legal entity;
- Information and/or documents concerning the source of funds, and, in the cases provided for by law, a declaration under Article 66, paragraph 2 of the MAMLA;
- Client information questionnaire – for an individual or a legal entity.
Depending on the specific circumstances, the level of risk and the applicable legal requirements, additional documents or information may also be required.
When the Transaction Is Conducted Remotely
When entering into a brokerage agreement, security deposit agreement or other documentation by means of an electronic statement, electronic signature, through an authorised representative or in any other manner without the client’s physical presence, additional identification procedures may be applied and additional documents may be required in accordance with the MAMLA and the MAFTA.
Personal Data Protection
The documents, data and information provided by clients are processed and stored in accordance with the applicable legislation, including Regulation (EU) 2016/679 (GDPR) and the Personal Data Protection Act.
The information collected in connection with the fulfilment of our obligations under the MAMLA and the MAFTA is retained for the periods prescribed by law and may be provided to the competent state authorities in the cases and in accordance with the procedures established by law.
Detailed information regarding the processing of personal data, the purposes and legal grounds for processing, the categories of data, retention periods and clients’ rights can be found in our “Personal Data Protection Policy”.
Why Do We Require These Documents?
The requirement to provide documents and information under the MAMLA is a legal obligation applicable to professional intermediaries in real estate transactions. Its purpose is to prevent money laundering and the financing of terrorism and to ensure that transactions are carried out in accordance with the law.
Thank you for your understanding and cooperation.
Petrakievi Real Estate OOD
Should you have any questions regarding the required documents or the client identification procedure, please do not hesitate to contact us.
