Technical Support Instrument (TSI) Project on: Enhancing the capabilities for risk-based AML supervision and financial intelligence in Bulgaria

Within the framework of the 2023 Council of Europe/European Union Technical Support Instrument (TSI) envelope, the Economic Crime and Cooperation Division is supporting Bulgarian authorities in further enhancing the anti-money laundering/combatting the financing of terrorism (AML/CFT) regime in Bulgaria through strengthening the Financial Intelligence Directorate of State Agency for National Security (FID-SANS)’ risk-based supervision and its operational and strategic analytical functions. The project starts on 1 September 2023 and will last for 27 months. Through tailored activities, the project aims to contribute to:

• Improving the risk-based AML/CFT supervision of selected sectors of obliged entities supervised by FID-SANS;
• Strengthening FID-SANS’ operational and strategic analysis capacity; 
• Enhancing the understanding of selected obliged entities’ sectors in Bulgaria as regards their AML/CFT obligations.

Areas of specific focus include the review of FID-SANS’ approach to conducting risk-based supervision of selected sectors of obliged entities, the development of internal procedures and capacities on conducting strategic analysis and of a guidance document on effective use of open-source intelligence (OSINT) for operational and strategic analysis, support in drafting guidance documents for selected sectors of obliged entities on the submission of Suspicious Transaction Reports, as well as on the implementation of related Terrorist Financing and Targeted Financial Sanctions obligations. FID-SANS representatives will moreover benefit from a number of trainings on risk-based AML/CFT supervision, operational analysis and strategic analysis and use of open source intelligence (OSINT) for operational and strategic analysis. Awareness-raising activities on AML/CFT obligations will also be organised for selected sectors of obliged entities.

The project budget is 583,333 Euros. The project is co-funded by the European Union via the Technical Support Instrument and Council of Europe and is and implemented by the Council of Europe (Economic Crime and Cooperation Division), in cooperation with the European Commission.

 More information on the cooperation between the EC DG REFORM and the Council of Europe can be found here.