Dinova Rusev & Partners published Legal Alert

DRP released an insightful Legal Alert authored by its managing associate Gergana Chushkova and Arnall Golden Gregory LLP partner Michael Burke, delving into the crucial topic: “The Impact of the U.S. Corporate Transparency Act on Bulgarian Business in view of Anti-Money Laundering Regulations”.

Until now, U.S. states require much less information—on finances, ownership, and governance—to form and operate a business entity compared to the requirements applicable in Bulgaria. In an effort to strengthen America’s anti-money laundering regulation, Congress passed the Corporate Transparency Act (2020) (the “Act”). This statute has been supplemented by a Final Rule issued on September 29, 2022, by the United States Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

The Act and the Final Rule represent a sea change to what information about covered U.S. business entities must be filed, with whom it must be filed, and how such information may be used. These changes will impact significantly existing U.S. affiliates of Bulgarian businesses as well as future U.S. affiliates.


You may find the full Legal Alert on the link.