Compliance Guidelines:

Compliance regulations in Hungary

The National Bank of Hungary (MNB)

The MNB guides, supervises, and enforces AML compliance for Hungarian financial institutions, working with the FIU to identify suspicious activity and promote strong AML practices

2007 Act on the prevention and suppression of money laundering and terrorist financing,May 2014 

• As per Section 7, the service provider is obliged to identify the customer, his authorized representative, the person entitled to the provision, to carry out an identity verification check.

During identification, the service provider must record at least the following data in connection with natural persons: 

• Surname and forename (birth name)
• Address
• Nationality type and number of identification document
• In respect of foreign nationals, the place of abode in Hungary
• In connection with legal persons or organizations not having a legal personality
• Full name and abbreviated name
• Address of registered office or, in case of foreign-registered enterprises, the address of their branch office in Hungary

In the course of identification, service providers may record the following particulars of customers where it is deemed necessary for the identification of the customer: 

• Place and date of birth
• Mother’s name
• In connection with legal persons or organizations not having a legal personality
• principal activity
• Name and position of authorized representatives;
• Identification data of agents for service of process.

• As per Section 10, the service provider – in accordance with the legal regulations governing its activities – is obliged to continuously monitor the business relationship – including the analysis of transaction orders completed during the existence of the business relationship – in order to determine whether the given transaction order is in accordance with the service provider’s information about the customer with the data available under the law.
• The service provider may carry out the continuous monitoring of the business relationship referred to in Subsection (1) where it is deemed necessary for the identification of the customer, the business relationship and the transaction order.

Sources:

https://nav.gov.hu/print/en/anti_money_laundering/Legislation_standards/National_legislation/National_legislation20150213