Regulatory Alerts2019-04-24
Ordinance No 10 of the BNB on the Organisation, Governance and Internal Control of Banks
The Bulgarian National Bank issued this Ordinance to establish comprehensive requirements for the organisation, governance, and internal control of banks and their branches. It mandates that banks maintain transparent structures, robust risk cultures, and independent compliance functions, including specific roles for preventing money laundering and terrorist financing. The regulation further details strict protocols for internal reporting, conflict of interest management, and the segregation of duties to ensure prudent business conduct and regulatory compliance.
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