New anti-money laundering act in Hungary

Banking and finance 2 June 2017

A new act on the Prevention and Combating of Money Laundering and Terrorist Financing will enter into force on 26th of June 2016 in Hungary. The new act implements the 4th anti-money laundering directive  (Directive 2015/849 of the European Parliament and of the Council) and replaces the current anti-money laundering act in Hungary.

The new act changes the method of regulation. Whereas the old act defined its scope by listing the activities covered by it, the new act lists the organisations, which need to apply the law. While the legislator considers that this does not lead to a substantive change, market players shall review whether they will be subject to the new act.

Financial institutions shall revise their anti-money laundering policies in compliance with the new regulation before 30 September 2017.

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