Hungary Transposes EU Anti-Money Laundering Directive Into Law

  • 21 Jul 2017 8:52 AM
Hungary Transposes EU Anti-Money Laundering Directive Into Law
Hungary has transposed the European Union’s new anti-money laundering directive into national law, the National Bank of Hungary said. The EU’s Fourth Anti-Money Laundering Directive came into force on June 26, 2017. Amendments bringing Hungary’s rules in line with the directive are effective from Thursday.

The directive aims to strengthen existing anti-money laundering rules as well as improve risk assessment across the internal market.

Among the Hungarian rules are an obligation to contact holders of “dormant” bank accounts by June of 2019.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

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