It’s time to think different about your Contracting and Financial workflow...

The Hungarian Anti-Money Laundering Act entered into force in June 2017 stipulated a two-year deadline for the banks to identify their clients, including the reconciliation of personal data and also a declaration about whether the client qualifies as a politically exposed person or not.

The amendment also introduced a new obligation for the banks and insurance companies to inform their clients about the identification requirement – photo: pixabay

The original deadline for this identification process was June 26, 2019, and as per the relevant regulation, those failing to meet this deadline could expect their bank accounts to be blocked (i.e. neither money-withdrawal, nor wire transfer would be allowed).

However, since more than a million bank accounts became endangered, Mihály Varga, the Minister of Finance proposed an amendment to the law, postponing the deadline until August 31. Finally the Parliament introduced the amendment with an October 31 deadline, providing enough time for the banks and insurance companies to carry out the identification process with all of their clients holding an account.

Data reconciliation can be performed not only in person, but some banks also offer the opportunity for video-identification.

This process is just the same like in the case of users logging in to TrustChain Platform. EvroTrust service has been integrated to TrustChain’s system, so that they perform not only the identification process but once all the data needed is available, they also issue e-signature.

Identification takes place in a 5-minute video call, in the course of which our face needs to be visible, and we have to show our ID card or passport to the operator. The operator reconciles our data and if all is fine, our electronic signature is ready.

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