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Hungary’s AML/CTF supervisors

Hungarian Financial Intelligent Unit (FFU)

The Hungarian Financial Intelligent Unit is the central agency in charge of receiving, analysing, and publishing reports of suspicious transactions or activities.

The performance of reporting firms in relation to their AML requirements is subject to oversight by additional authorities in addition to the FIU. The other authorities are as follows:

The National Bank of Hungary (MNB)

The system of financial intermediaries is controlled by the National Bank of Hungary (MNB). The MNB regulates companies that provide credit, financial services, occupational retirement plans, mutual insurance funds, and companies that collect and send international postal money orders.

The Gaming Supervisory Authority

Operators of casinos, card rooms, gambling services, and online casino games are regulated by the Gaming Supervisory Authority.

Chamber of Hungarian Auditors

The Chamber of Hungarian Auditors oversees the companies that offer auditing services.

The Regional Association of Notaries

The registered notaries are governed by the Regional Association of Notaries.

The Authority for Trade and Commerce

The Authority for Trade and Commerce regulates and oversees service providers who trade or operate as intermediaries in the trade of cultural products, traders of precious metals or articles manufactured of precious metals, as well as traders of goods involving a cash payment of or above HUF 3m.

Nemzeti Adó- és Vámhivatal (NAV)

Nemzeti Adó- és Vámhivatal (NAV) oversees bookkeepers, tax experts, tax advisers, providers of exchange services between virtual currencies and legal tenders, custodian wallet providers, and providers of corporate headquarters services. The NAV is also in charge of providers of real estate agencies or brokers and any related services.

How do you comply with AML/CTF regulations in Hungary?