Hungary: 4th AMLD Implementation — Draft Law Submitted to Parliament

On April 12, 2017, Zsolt Semjén, the deputy prime minister, on behalf of the government, submitted to parliament the draft Prevention of Money Laundering and Combating the Financing of Terrorism Act. The purpose of this act is to strengthen rules to prevent money laundering and help in the fight against financial terrorism.

The new bill also ensures compliance with the 4th Anti-Money Laundering Directive.

Significant changes to the bill in line with international practice include customer due diligence measures and managing identification to create appropriate conditions to allow secure and authenticated online transactions. 

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