Hungary [electronic resource] : Financial Sector Assessment Program: Detailed Assessment of Standards and Codes — Anti-Money Laundering and Combating the Financing of Terrorism.

International Monetary Fund
Washington, D.C. : International Monetary Fund, 2005.
IMF eLibrary
IMF Staff Country Reports; Country Report No. 05/348.
IMF Staff Country Reports; Country Report No. 05/348
Government document
1 online resource (102 p.)
Local subjects:
Account number.
Acts of terrorism.
Administrative sanctions.
Anonymous accounts.
Anti money laundering.
Assessment methodologies.
Asset freezing.
Audit function.
Banking relationships.
Beneficial owners.
Beneficial ownership.
Business relations.
Cash transactions.
Civil forfeiture.
Combating money.
Combating money laundering.
Combating the financing of terrorism.
Competent authorities.
Compliance officer.
Confidentiality requirements.
Confiscated assets.
Control information.
Criminal activities.
Criminal acts.
Criminal cases.
Criminal intelligence.
Criminal investigation.
Criminal investigations.
Criminal law.
Criminal liability.
Criminal matters.
Criminal nature.
Criminal offence.
Criminal offense.
Criminal organizations.
Criminal profits.
Criminal record.
Criminal records.
Criminal sanctions.
Cross border transportation.
Customer identification.
Designated thresholds.
Domestic legislation.
Domestic terrorism.
Drug trafficking.
Dual criminality.
Due diligence.
Due diligence measures.
Due diligence procedures.
Due diligence requirements.
Due diligence standards.
Economic crimes.
Enforcement authorities.
Enforcement powers.
Ethical standards.
Explosive devices.
Face value.
Factual circumstances.
Fictitious names.
Fight against terrorism.
Financial crime.
Financial crimes.
Financial intelligence unit.
Financial Sector Assessment Program.
Financial service providers.
Financial transaction.
Financial transactions.
Financing of terrorism.
Foreign authorities.
Foreign authority.
Foreign banks.
Foreign branches.
Foreign counterparts.
Foreign jurisdictions.
Funds transfers.
Good faith.
Identification data.
Identification procedures.
Identity cards.
Identity documents.
Information exchange.
Insurance business.
Insurance policies.
Insurance policy.
Insurance transactions.
Internal audit.
Internal control systems.
Internal controls.
Internal policies.
Internal procedures.
Internal rules.
International conventions.
International cooperation.
International crime.
International law.
International standards.
International terrorism.
International treaties.
International treaty.
Investigative techniques.
Judicial authorities.
Judicial authority.
Laundering legislation.
Law enforcement.
Law enforcement activities.
Law enforcement agencies.
Law enforcement agency.
Law enforcement authorities.
Law enforcement bodies.
Law enforcement cooperation.
Law enforcement databases.
Law enforcement measures.
Law enforcement officials.
Legal arrangements.
Legal assistance.
Legal assistance requests.
Legal entities.
Legal entity.
Licensing process.
Life insurance.
Life insurance policies.
Money laundering.
Money laundering cases.
Money laundering charges.
Money laundering investigations.
Money laundering offence.
Money laundering operations.
Money laundering schemes.
Money laundering typologies.
Money market instruments.
Money orders.
Mutual evaluation.
Narcotic drugs.
National security.
Negotiable instruments.
Organized crime.
Penal measures.
Police services.
Precious metals.
Precious stones.
Predicate offence.
Predicate offences.
Prudential supervision.
Public safety.
Radioactive materials.
Reporting obligations.
Reporting requirements.
Reports on the Observance of Standards and Codes.
Reputational risk.
Secrecy laws.
Secrecy provisions.
Securities accounts.
Securities firms.
Shell banks.
Supervisory authorities.
Supervisory authority.
Supervisory bodies.
Surrender clause.
Suspected terrorist.
Suspected terrorists.
Suspicious activity.
Suspicious transaction.
Suspicious transaction report.
Suspicious transaction reporting.
Suspicious transaction reports.
Suspicious transactions.
Tax authorities.
Technical capacity.
Terrorism offences.
Terrorist act.
Terrorist activities.
Terrorist activity.
Terrorist acts.
Terrorist assets.
Terrorist financing.
Terrorist financing cases.
Terrorist group.
Terrorist groups.
Terrorist organizations.
Transaction records.
Transaction reporting.
Transaction reports.
Transferable securities.
Undercover operations.
Underlying predicate offences.
United nations security.
Unusual transactions.
Value transfer.
Wire transfer.
This paper presents an assessment of Hungary’s antimoney laundering (AML) and combating the financing of terrorism measures. The Hungarian authorities have made significant progress in strengthening their AML regime. The most important step has been the passage of a revised AML Act of 2003, replacing the 2001 revision of the original 1994 AML Act. With this, the legislative framework for AML is in place, and has been extended to nonfinancial businesses and professions. Financial institutions’ compliance with the AML requirements is well supervised, and they are well aware of their obligations under the Act.
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