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Bill would extend account ID compliance deadline

A bill submitted to lawmakers by Minister of Finance Mihály Varga on Friday would push back the deadline for complying with stricter rules on identifying bank account ownership from July 26 to August 31, state news wire MTI reported.

Some banks allow clients to comply with the regulation using a computer or mobile phone with a camera and a microphone

Varga tabled the bill at the request of the Hungarian Banking Association to ensure that more than 1 million bank clients who must still comply are able to do so without hindrance, according to the justification of the proposed legislation.

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 new rules by the extended deadline will not be able to make transactions using their accounts.