MNB reminds bank clients of data reconciliation deadline

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Photo by Adriana Iacob/Shutterstock.com

A spokesman for the National Bank of Hungary (MNB) has reminded bank clients of the October 31 deadline for complying with stricter rules on identifying account ownership, state news agency MTI reports.

Photo by Adriana Iacob/Shutterstock.com

István Binder noted on public television that the data reconciliation rules apply not only to bank clients, but to members of health insurance funds and life insurance policy holders.

Bank clients who opened accounts before June 26, 2017, when the stricter rules to prevent money laundering and the financing of terrorism came into force, must provide copies of personal identification and proof of residence documents as well as personal information to their banks. 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 who fail to comply with the new rules by the deadline will not be able to make transactions using their accounts.

Lawmakers earlier pushed back the compliance deadline from June 26.

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