This menu item includes information that is required and useful for the combating of money laundering and terrorist financing: legislation; recommendations, guidelines and typologies issued by international organisations and the MNB; model policies for the preparation of internal policies for supervised institutions; required and recommended sanctions lists and public statements; links to the websites of key national and international organisations; and links to documents to aid professional orientation.

European Union Legislation

The homepage of the MNB lists all relevant European Union legislation in Hungarian. By accessing the individual legal acts and changing the language settings, they can be also accessed in all official languages of the European Union through the website of the Official journal.

 

Hungarian Legislation

All AML/CFT related legislation which are also available in English are accessible here.

 

MNB Guidelines

All AML/CFT related MNB recommendations which are also available in English are accessible here.

 

Model policies

In compliance with the requirements set out in Act CXXXVI of 2007 on the Prevention and Combating of Money Laundering and Terrorist Financing (Money Laundering Act), the Magyar Nemzeti Bank issues model policies to providers for the preparation of policies on the prevention and combating of money laundering and terrorist financing. 

Under Article 45(3) of the Money Laundering Act, service providers seeking a licence are required to submit their policies for approval together with their application for a licence. The MNB expects that each applicant submits a policy that complies with statutory requirements, and in which the applicant has developed the procedures appropriate to the risks stemming from its activities and to its specific organisational features, as well as the standards of behaviour to be followed by its employees.

The MNB offers model AML/CFT policies for supervised entities operating in various sectors. These model policies are available in the Hungarian language only.

 

Economic and financial sanctions

Economic and financial sanctions and restrictive measures aim to make the operations of the persons and entities on the sanctions lists impossible in economic terms. These lists include persons and entities which may be associated with terrorism, or have committed actions in violation of international law or fundamental human rights. These measures are intended to bring about a change in bad or harmful policies or activities by targeting the non-EU countries, including organisations and individuals, responsible. 

The EU has over 40 different sanctions regimes in place. Some are mandated by the United Nations Security Council, while others are adopted autonomously by the EU. The legal acts of the European Union serve to implement the economic and financial sanctions imposed by the Security Council of the United Nations, while they also set out autonomous economic and financial sanctions. 

Service providers are required to monitor these lists so that they can implement the freezing of funds and economic resources imposed by EU legal acts as prescribed in Act CLXXX of 2007 on the Implementation of the Economic and Financial Sanctions Imposed by the European Union, and on Respective Amendments to Other Laws, as well as the prohibition under EU legal acts on making funds or economic resources available.

The public statements of FATF and MONEYVAL list countries and areas where the legal or operational systems to combat money laundering and terrorist financing are inadequate, as a result of which any business relationship with such countries and areas involves a risk.

Monitoring these lists is recommended as it is a legal requirement for service providers to apply them and to ensure compliance with these requirements by their institutional counterparties.

The MNB maintains an overview of applicable sanctions lists and regimes in Hungarian.

 

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