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Renewed regulation for service providers based on Decree no. 26/2020. (VIII. 25.) of MNB

Renewed regulation for service providers based on...

The Decree no. 26/2020. (VIII.25.) of MNB („Decree”) on the enforcement of the Act on the Prevention and Combating of Money Laundering and Terrorist Financing („AML Act”) applicable for service providers under the supervision of MNB entered into force on 1 October 2020. The Decree, responding to the comprehensive amendment of the AML Act effective as of 10 January 2020, is aiming to revise the previous regulation.

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The Decree – in accordance with the AML Act – introduces a fundamental shift in approach. Accordingly, the previous rule-based approach is replaced by a risk-based approach, which provides service providers with greater freedom to determine their own risks based on their internal risk assessment procedure.

The Decree introduced new changes based on the experiences of the MNB gained during its supervision of anti-money laundering activities, which became necessary based on the recent practice of the MNB as it has imposed penalties amounting to a total of HUF 124.2 million to certain credit institutions due to failure to comply with the rules on prevention and combating of money laundering and terrorist financing. 

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