02/06/2023 (Agence Europe) – On Thursday 1 June, the European Commission decided to send a letter of formal notice to Bulgaria (INFR(2023)2038) for its incorrect transposition of the Fifth Anti-Money Laundering Directive ‘AMLD5’ (Directive (EU) 2018/843). Bulgaria had notified the full transposition of the directive. Nevertheless, the Commission has identified a number of non-conformities in national law: - the obligation to register, approve or regulate service providers; - the absence of a mechanism to resolve discrepancies between the information provided by the national register of beneficial owners; - the correct application of the concepts of ‘establishment’ or ‘residence’ with regard to persons subject to the obligation to provide information on beneficial owners. In the absence of a satisfactory response from Bulgaria within 2 months, the Commission may decide to send a reasoned opinion. (AD)