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Authorisation of cash processing operations

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The cash processing operations defined in Subparagraph c) of Paragraph (2) of Article 3 of Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (hereinafter referred to as ‘CIFE’) as activities auxiliary to financial services may be carried out as a business in possession of the authorisation of the Magyar Nemzeti Bank. The liability for exercising the right of withdrawal of such authorisations also lies with the Magyar Nemzeti Bank.

The Central Bank regularly inspects  the professional activity of organisations with authorisation for cash processing, the continuous existence of conditions that existed when the authorisation was granted, the quality of cash paid to it etc.

Statutory provisions relating to carrying out cash processing operations and the conditions for authorisation: 

  • Article 76(3), Article 78 of the CIFE;
  • Article 33 and Article 45(3) of Act CXXXVI of 2007 on the Prevention and Combating of Money Laundering and Terrorist Financing;
  • Executive decree 536/2013 (XII.30.)
  • Decree No. 11/2011. (IX. 6.) of the Governor of the MNB on the processing and distribution of banknotes and on technical tasks relating to the protection of banknotes against counterfeiting (hereinafter: Banknote Decree)
  • Decree No. 12/2011. (IX. 6.) of the Governor of the MNB on the processing and distribution of coins and on technical tasks relating to the protection of coins against counterfeiting (hereinafter: Coin Decree
  • Decree 34/2014. (IX. 25.) of the Governor of the Magyar Nemzeti Bank amending MNB Decree No. 11/2011 (IX. 6.) on the processing and distribution of banknotes and on technical tasks relating to the protection of banknotes against counterfeiting

The procedure of authorisation, amendment and withdrawal of authorisation 

Acting in an official capacity, the MNB authorises cash processing operations, amends and withdraws the authorisation.

The regulatory powers belong to the Governor of the MNB, while the regulatory procedure is conducted by the Cash Logistics Directorate of the MNB on the basis of transfer of authority.

The procedure of authorisation, amendment and withdrawal of authorisation is liable to duty; the magnitude of the duty is the general procedural duty defined for public proceedings in the first instance in Act XCIII of 1990 on Duties. A duty stamp with a value in accordance with the amount of the duty has to be affixed on the application by the applicant.

The MNB launches the public proceeding – with the exception of the authorisation withdrawal procedure initiated by it ex officio – on the basis of the applicant’s application submitted in writing.

The application has to be sent

  • by post to the following mailing address:

                Magyar Nemzeti Bank

                 Készpénzlogisztikai Igazgatóság

                    Budapest 1850

or

  • through the central electronic services network.

The documents listed in the Executive decree 536/2013. (XII.30.) have to be attached to the application.

In the course of the authorisation procedure the MNB checks the documents and the information available to ascertain that issuing the authorisation does not conflict with the relevant provisions of law, and examines whether the conditions for performing the activity exist. The MNB may check the conditions at the applicant’s site as well.

Further information on the official authorisation procedure: Main rules of the public proceedings and collaboration as a special authority of the Magyar Nemzeti Bank  (available only in Hungarian)

Further information on cash processing operations:

  • Link sample rules in accordance with the Money Laundering Act

(Sample rules for service providers engaged in cash processing auxiliary to financial services for preparing the rules regarding the prevention and combating of money laundering and terrorist financing)  - available only in Hungarian

For further information in connection with cash processing operations, please, contact: 

  • Péter Klein for technical questions regarding machines, tools and materials that can be used in cash processing, phone: +36 1 421 3378; kleinp@mnb.hu
  • Endre Németh for questions regarding security rules, phone: +36 1 428 2600/2043;  farkasi@mnb.hu
  • For issues regarding the authorisation procedure:

   Judit Ferincz phone: +36 1 421 3386; ferinczj@mnb.hu

   Zita Véber phone: +36 1 421 3316; veberz@mnb.hu