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Deadline looms for bank account ownership identification

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About two million Hungarian bank account holders have still not taken action to comply with stricter rules on identifying bank account ownership ahead of the June 26 deadline, state news agency MTI cited the Minister of Finance as saying on Saturday.

The requirement affects bank clients who opened accounts before June 27, 2017, when stricter rules to prevent money laundering and the financing of terrorism came into force, recalled MTI.

Under the rules, banks are required to have copies of personal identification and proof of residence documents, as well as the personal information of their clients. Clients must also make a declaration if they are a politically exposed person.

In the case of corporate clients, documents showing proof of business ownership must be resubmitted.

Clients may comply by submitting the necessary documents in person at their bank or sending them by post. A number of banks are also allowing clients to comply using computers or mobile telephones with a camera and a microphone.

Clients who fail to comply with the rules will not be able to make account transactions after June 26, 2019.

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