Clients of Hungarian banks who opened accounts before June 2017, when stricter rules to prevent money laundering and the financing of terrorism came into force, have until June 26, 2019, to comply with the new regulations and submit personal or corporate data.
Under the rules that came into force in June 2017, banks are required to have copies of personal identification and proof of residence documents as well as the personal information of their clients, state news wire MTI reported, citing a joint statement released Thursday by the National Bank of Hungary (MNB), the Ministry of Finance, and the Hungarian Banking Association.
Clients must also make a declaration if they are politically exposed persons. 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.
The statement warned that clients who fail to comply with the rules will not be able to make account transactions after June 26, 2019.