13, 14 and 15 October 2026 | Sofia | in Bulgarian |

On 13 October, Compliance Navi launches Certified AML & Financial Crime Specialist 2026 (CAFCS-Compliance Navi 2026) — a three-day certification programme in AML/CFT and financial crime prevention, led by Dimitar Kolchakov, CAMS.

There is one core idea behind the programme: AML is not learned through regulations alone. It is learned through decisions and experience.

Because in real life, you rarely get a case with one clear-cut answer.

You receive a client file that appears perfectly in order at first glance. You receive a corporate structure involving several companies, different jurisdictions and ownership that can formally be traced. You receive an explanation of the source of funds that sounds plausible. You receive transactions that, taken individually, are not necessarily problematic.

And yet something does not add up. That is when the real AML work begins.

Not when you need to know what CDD or EDD means, but when you need to decide which one is necessary in a specific situation and why. Not when you need to know the definition of a beneficial owner, but when you need to understand who actually controls a complex structure. Not when you know what source of funds means, but when you need to assess whether the explanation provided is genuinely sufficient and convincing. And not when the system generates an alert, but when you need to decide whether there is a real risk behind it that requires investigation and escalation.

CAFCS-Compliance Navi 2026 is built precisely around these moments.

Over the course of three days, participants will not simply go through the regulatory framework. They will use it as a foundation for analysing information, asking questions, assessing risk and substantiating their decisions.

Each day ends with a practical workshop. The programme concludes with a final exam, the second part of which is a realistic case study involving a client file, transaction data, a corporate structure and adverse public information. In other words — the type of information an AML specialist actually has to work with before making a decision.

The group is limited to 20 participants. Deliberately. Because practical training only has value when there is enough time for discussion, different perspectives, questions and genuine casework.

Why Another AML Training Programme?

Because the most difficult part of AML work is almost never finding out what the law says. The difficult part begins when you have to apply the requirement to a specific situation.

Imagine a client with a stable business, a good reputation and no obvious connection to high-risk countries. The documentation is in order. Yet the ownership structure goes through several entities, including a holding company in another jurisdiction. When asked why the structure is organised in this way, you receive a general explanation such as “tax and investment optimisation.”

Is that enough? Probably not. But a complex structure in itself does not automatically mean high risk.

You need to understand whether the structure has economic logic. Who exercises actual control. What the business purpose of each entity is. Whether there is any inconsistency between formal ownership and actual management. And above all — whether the information collected allows you to genuinely understand the client.

Or consider another example.

A client declares that the funds for a significant investment come from the sale of real estate. That sounds entirely reasonable.

But then you see that the value of the investment is much higher than the sale price shown in the documentation. The additional explanation is that some of the money had been saved over a number of years.

At that point, the question is no longer simply “do we have a document for the sale?” You need to assess the full picture.

Do the client’s income levels support the claimed accumulation? Are there other sources of funds? Do you need bank statements? Tax documents? Additional information about the client’s business? How do you distinguish source of funds from source of wealth, and when should both be assessed?

And one more situation.

A long-standing corporate client starts receiving multiple payments from new counterparties, after which the funds leave the account almost immediately and are transferred to different recipients.

No single transaction looks particularly striking on its own. The amounts are not unusually large. There is no obvious sanctions link. There is no direct match with a predefined monitoring scenario.

But the behaviour is different from anything the client has done over the past three years. This is where the analysis begins.

Has the business model changed? Is there an economic explanation? Who are the new counterparties? What do we know about them? Is there a common pattern between the incoming and outgoing payments? And when does the combination of individual signals become strong enough to indicate suspicious activity?

CAFCS-Compliance Navi 2026 is built precisely around this type of decision-making.

The regulatory framework is part of the programme — FATF, AMLR, AMLD6, AMLA, the Bulgarian Measures Against Money Laundering Act and its implementing regulations — but not as a list of provisions to memorise. It is the foundation on which professional judgement is built.

Day 1: Risk Before Procedure

The first day starts with the question that sits behind almost everything in AML: What is the risk, and why?

Before discussing checks, documents and procedures, we will look at how different forms of financial crime actually work.

How can a money laundering scheme be structured so that each individual transaction looks completely normal? How can a legitimate business be used to disguise illicit funds? What do the different stages of placement, layering and integration look like when seen not in a textbook, but in a specific transaction pattern? What are the differences between money laundering, terrorist financing, fraud and sanctions breaches — and where do these risks overlap?

We will look at typologies and realistic patterns because an AML specialist needs to recognise not only an individual indicator, but also the story that begins to emerge when several indicators appear together.

From there, we will move to the international and European AML framework and one of the most important topics in the programme — the risk-based approach.

We will not limit the discussion to how a risk matrix is completed. We will look at how the logic behind it is built.

What does it mean for an organisation to have a particular risk appetite? How does the enterprise-wide risk assessment connect with the way individual clients are assessed? What should happen when two risk factors appear moderate in isolation but create a significantly higher level of risk when combined?

We will also examine situations where an automated outcome does not align with professional judgement.

A client may formally receive a “medium risk” rating because of a certain score. But what do you do if one particular factor is so significant that it changes the overall risk assessment?

And the opposite — what if the system classifies a client as high risk because of a mechanical combination of factors, while there is a completely logical and well-documented explanation behind them?

The key question is not: “How many points does the client have?” It is: “Do we actually understand the risk behind those points?”

The practical workshop at the end of the day will place participants in different client scenarios where they will need to determine a risk profile, justify their decision and compare their approach with that of the other participants.

We will not simply be looking for the “correct answer.” We will be looking for a well-reasoned answer.

Day 2: KYC Is Not Just About Having Documents

The second day is dedicated to one of the most important parts of AML work — understanding who the client is and what lies behind their activity.

We will cover SDD, CDD and EDD, the identification and verification of individuals and legal entities, remote onboarding and work with complex corporate structures.

But at the centre of the day is a broader idea: KYC is not a process of collecting documents. KYC is a process of understanding the client.

You may have all the formally required documents and still not know enough. You may have a company extract, an ownership chart and a beneficial ownership declaration — but if the structure does not make economic sense, the work does not end with ticking a box.

We will look at how multi-layered corporate structures are analysed and why ownership and control are not always the same thing.

For example, an individual may hold a smaller equity stake in a company but, through contractual rights, have the ability to influence key decisions. Or an investor may have no direct ownership but, through financing and contractual arrangements, exercise significant influence over management.

In such cases, the question “who owns more than 25%?” may only be the beginning. Not the end of the analysis.

We will also work in depth on source of funds and source of wealth — two concepts that are often used together but require different types of assessment.

“I received the money from a dividend.”

Fine. From which company? On what basis? Does the company have sufficient profit to justify the amount? Are there documents confirming the dividend distribution? Does the amount correspond with the financial information?

“The funds come from the sale of a business.”

What business? When was it sold? At what price? How was the transaction paid? What was the client’s approximate wealth position before the sale, and what is it afterwards?

The goal is for participants to start thinking not only “what document should I request?” but: “What information do I need in order to reasonably believe the story the client is telling me?”

We will also look at periodic reviews. Because the client you assessed three years ago is not necessarily the same client today.

They may have changed ownership. Entered a new market. Started operating in a new jurisdiction. Changed their business model. Or adverse public information may have emerged.

Then the question is no longer simply “is it time for the review?” but: “Has something happened that changes the risk and requires us to act now?”

The workshop at the end of the day will combine these topics in one practical case — identifying the UBO, analysing the structure and assessing the source of funds.

Day 3: When the Data Starts Telling a Story

The third day is dedicated to the point where the AML system needs to move from gathering information to analysing it.

We start with transaction monitoring. But we will not discuss monitoring only as a system of rules and thresholds.

Because an alert is not a conclusion. It is a question.

Imagine a client whose transaction activity has been predictable for years. Then, within a few weeks, they begin receiving significantly more incoming payments from new counterparties. The funds remain in the account only briefly before being transferred to other companies in different countries.

There may be a completely legitimate explanation. A new contract. Business expansion. A new type of intermediary activity.

But the AML specialist needs to establish whether that explanation is actually supported by the facts.

What do we know about the counterparties? What is the basis for the payments? Is there a connection between the incoming and outgoing transactions? Does the new pattern correspond with the declared business activity?

These are the questions that turn transaction monitoring from a technical process into a genuine risk management tool.

We will also look at sanctions controls.

What do we do when there is a potential match against a sanctions list? When is a similarity score high enough to require further review? How do we distinguish a true match from a false positive? What happens when the client is not directly matched, but there is a link to a sanctioned entity or individual?

We will then move to PEPs, related persons and adverse media.

Again, we will not stop at “there is a result” or “there is no result.” We will look at context.

Not every negative article carries the same weight. There is a substantial difference between an unverified publication from an unreliable source and multiple credible reports describing specific allegations of corruption, fraud or misconduct.

There is also a difference between PEP status on its own and PEP status combined with a complex structure, unusual transactions and unexplained growth in wealth.

AML analysis rarely depends on a single signal. It depends on the way several factors begin to connect.

And that brings us to one of the hardest questions: When does unusual activity become suspicious?

We will cover internal escalation, analysis of suspicious transactions, the role of the AML officer, internal rules, control mechanisms and interaction with competent authorities.

The final workshop will require participants to bring together everything learned so far. To read the situation. Identify the indicators. Separate facts from assumptions. Request the necessary additional information. Document the analysis. And decide whether the case should be escalated and whether there are grounds for preparing an SAR/STR.

This is the point where theory has to become professional judgement.

The Final Exam: Because a Certificate Should Mean Something

At Compliance Navi, we believe that a certificate has value only if it demonstrates genuinely acquired knowledge and practical skills.

That is why Certified AML & Financial Crime Specialist (CAFCS-Compliance Navi) is not a certificate of attendance.

The final exam has two parts. The first is a theoretical test consisting of 40 questions. The second is a practical case study that brings together many of the topics covered during the three days.

The participant receives a client file, transaction data, a corporate structure and adverse public information.

They need to determine what matters. What is missing. Where the risk is. Which factors are merely unusual and which are genuinely concerning.

They must determine the client’s risk profile, identify red flags, assess whether EDD is required, analyse the source of funds and source of wealth, and decide whether the situation requires escalation and reporting.

This is the essence of the programme: being able to take a large amount of information and arrive at a reasoned decision.

The certificate is issued subject to a minimum of 90% attendance, successful completion of the theoretical test and successful resolution of the practical case.

Not because we want the exam to be a formality. Quite the opposite. Because we want the person receiving the certificate to know that they have genuinely earned it.

What You Will Be Able to Do Better After the Training

The purpose of the programme is not for you to know more AML terminology after the third day. The purpose is for you to look at client situations differently.

To recognise more quickly where the real risk lies. To know when standard due diligence is sufficient and when it is not. To analyse a corporate structure beyond formal ownership. To ask better questions about source of funds and source of wealth. To distinguish unusual activity from genuinely suspicious activity. To see the connections between KYC information, transaction behaviour, adverse media, sanctions risk and the client’s overall profile.

And most importantly — to be able to explain why you made a particular decision.

Because well-documented professional judgement is one of the most important elements of a strong AML function.

After the training, each participant will also receive practical materials that can be used in day-to-day work — a sample risk assessment methodology, a sample client risk matrix, suspicious activity indicators, practical case studies, sample internal documents and the programme presentation materials.

The idea is for what you learn not to remain in the training room.

Is the Programme Suitable for Beginners?

Yes.

The programme starts with the fundamentals and gradually moves towards more complex situations. This means you do not need years of AML experience in order to participate.

If you are just entering Compliance or AML/CFT, the programme will help you organise the topics into a logical framework and understand not only the individual terms, but also how they connect in real-life work.

You will see how risk assessment affects CDD. How CDD affects ongoing monitoring. How KYC information is used in transaction monitoring. And how all these elements come together when you need to make a decision about a specific client or transaction.

What If You Already Work in AML?

Then the programme is likely to be valuable for a different reason.

Experienced professionals rarely have difficulty explaining what EDD means or what a UBO is. The more interesting question is: How do we act in the grey area?

When the information is not entirely sufficient. When there are several possible interpretations. When different professionals might reach different conclusions. When you need to decide what additional controls are reasonable — without underestimating the risk, but also without turning the process into mechanical collection of more and more documents.

The practical workshops provide exactly that opportunity — to compare your own reasoning with that of other professionals, defend your decision and sometimes discover a different approach to a situation that initially seems familiar.

Who Is the Programme For?

CAFCS-Compliance Navi 2026 is designed for people who work, or want to work, where business and regulatory risk meet.

This includes AML and Compliance professionals, banking and financial services employees, professionals working in payment institutions and electronic money institutions, FinTech companies, VASP/CASP and crypto companies, insurers, lawyers, accountants, auditors, real estate brokers, consultants and employees of other obliged entities under the Bulgarian AML framework.

It is also suitable for people who want to change their professional direction and enter AML/CFT and Financial Crime Prevention.

You do not need to be an expert to begin. But you do need to be willing to analyse, ask questions and think beyond the checklist.

Trainer: Dimitar Kolchakov, CAMS

The programme will be led by Dimitar Kolchakov, CAMS, founder of Compliance Navi.

Dimitar has more than 15 years of international professional experience across the banking, insurance, FinTech and crypto sectors in the areas of Compliance, AML and data protection.

In his professional career, he has led Compliance and anti-money laundering functions in a commercial bank and has also served as a Data Protection Officer.

He is a CAMS-certified professional, university lecturer and trainer at professional courses and seminars.

This practical experience is one of the reasons the programme has been designed in the way it has.

Not around the question: “What do we need to know?” But around the question: “What do we need to be able to do with that knowledge?”

Why Only 20 Participants?

Because it is impossible to run a genuinely practical workshop if there are so many people in the room that participants have no real opportunity to contribute.

A small group allows different decisions to be discussed. It allows one participant to say “I would apply EDD,” and another to ask “why?”

It also makes it possible to see that two good professionals can sometimes look at the same information differently — and that the quality of the decision depends on the reasoning behind it.

These conversations are often the most valuable part of practical training.

That is why the group is limited to a maximum of 20 participants.

Practical Information

The training will take place on 13, 14 and 15 October 2026, each day from 09:00 to 13:30.

The format is in-person, in Sofia, and the entire training will be delivered in Bulgarian.

Participation Fee

An Early Bird fee of EUR 490 excluding VAT is available until 15 September 2026.

After that date, the standard participation fee is EUR 690 excluding VAT.

When two or more participants from the same organisation register, each participant receives a 10% corporate discount from the participation fee applicable at the time of registration.

The fee includes the full three-day training programme, training and practical materials, workshops and case studies, the final exam, the CAFCS-Compliance Navi certificate upon successful completion of the requirements, and coffee breaks.

Register at office@compliance-navi.com or through the contact form: https://www.compliance-navi.com/contacts/