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MNB initiates legal changes for tighter oversight controls

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The National Bank of Hungary (MNB) on Friday said it is initiating amendments to legislation that will make its oversight of the financial sector stricter.

The central bank issued the statement after meeting with representatives of the Prime Minister's Office, the National Economy Ministry, the Interior Ministry, the Financial Stability and Liquidation Nonprofit Company, the National Deposit Insurance Fund (OBA) and the Investor Protection Fund (Beva), to coordinate actions that must be taken with regard to the matter of the Buda-Cash group.

The National Bank of Hungary on Tuesday said it had withdrawn the license of Buda-Cash and reported suspected criminal activity to the police. The MNB also put a limit on withdrawals at members of the DRB Bank group, which have ownership ties with Buda-Cash. The participants at the meeting considered how the central bank, in its role as market watchdog, could better prevent similar cases of fraud.

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