Hungary’s AML/CTF supervisors
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 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.
Operators of casinos, card rooms, gambling services, and online casino games are regulated by the Gaming Supervisory Authority.
The Chamber of Hungarian Auditors oversees the companies that offer auditing services.
The registered notaries are governed by the Regional Association of Notaries.
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) 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?
You have the following responsibilities as a reporting entity.
Conduct CDD (identification and verification of your consumer) when establishing a business relationship
Gather and keep records and information
Perform a risk analysis and risk classification
Run a vetting system
Report details of suspicious transactions
Run a whistle-blower system
Provide AML training to your employees
As part of your AML and KYC duties for due diligence, you must retain data for at least 8 years in accordance with Hungary's AML Act. If pertinent third-party processes, gathers, and manages this information, you must quickly obtain all required information from the third party.
What are my AML/CTF reporting obligations?
Any information, fact, or situation that raises suspicion of money laundering or terrorism financing must be disclosed immediately by the directors, employees, or contributing family members of your organisation. Any suspicious transactions or activity must be reported to the FIU.
