Hungary Becomes “Largely Compliant” with FATF Standards After Improving AML/CFT Measures

Richard Marley
June 09, 2022
2 minutes read
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The Anti-Money Laundering Body of the Council of Europe has stated that Hungary has improved its measures in countering money laundering and terror financing activities.

According to a follow-up report by MONEYVAL, the country has demonstrated reasonable progress in complying with the guidelines of FATF (Financial Action Task Force).

The report said that Hungary has enhanced its enhanced due diligence process in compliance with the Anti-Money Laundering and Combating Financial Terrorism Laws in the areas of Financial Institutions, Banking sectors, and registers of companies and other legal beneficiary owners.

The report mentioned the positive upgrade of Hungary with a change of status of compliance from “Partially Compliant” to “Largely Compliant” in the time frame of three years.

Moneyval evaluated a range of legislative and regulatory measures taken by Hungary in different areas of financial registers. Still, due to limitations of access it has not examined the depth of implementation of these regulations. The country has achieved five out of forty FATF guidelines that focus on global AML and CFT regulations. According to the report Hungary retains minor deficiencies in the implementation of thirty-two FATF recommendations where Hungary is marked “largely compliant”.

Moreover, Hungary remains “Partially Compliant” with three of the guidelines related to the non-profit organizations following new technologies in the cash courier.

Hungary has improved measures to combat money laundering and terrorist financing, demonstrating good progress in the level of compliance with the FATF (Financial Action Task Force) says new Council of Europe report from anti-money laundering body MONEYVAL. https://t.co/wSiUFP3dmp

— Council of Europe (@coe) June 8, 2022

Among the positive developments in the country, Hungary has added new requirements for the Financial Institutions in the process of onboarding new employees and ongoing training. The screening process is introduced for most of the FIs in the country. New requirements are also listed for all the banking relationships established within Europe.

The reports further state the compliant status of the country, It will remain in the enhanced follow-up and has to report back to Moneyval on the new progress made in strengthening measures over Anti-money laundering and Combating financial terrorism. It is expected to report back in the time frame of two years.

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Hungary Becomes “Largely Compliant” with FATF Standards After Improving AML/CFT Measures

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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