{"id":1997,"date":"2019-07-18T07:52:39","date_gmt":"2019-07-18T07:52:39","guid":{"rendered":"http:\/\/gerey.hu\/EU\/?p=1997"},"modified":"2024-03-14T07:58:31","modified_gmt":"2024-03-14T07:58:31","slug":"deadline-extension-for-bank-client-identification-2","status":"publish","type":"post","link":"http:\/\/gerey.hu\/EU\/deadline-extension-for-bank-client-identification-2\/","title":{"rendered":"DEADLINE EXTENSION FOR BANK CLIENT IDENTIFICATION"},"content":{"rendered":"\n<p><em>In our newsletter, we would like to introduce\nthe <\/em><em>amendment<\/em><em> of<\/em> <em>Act LIII of 2017 on the Prevention and <\/em><em>Combating<\/em><em> of Money\nLaundering and Terrorist Financing (the Act), which provides that the <\/em><em>concerned <\/em><em>organizations <\/em><em>and financial institutions<\/em><em> have received a grace period for client identification. <\/em><em><\/em><\/p>\n\n\n\n<p>The service providers\n(banks, credit institutions, etc.), subject to the previous regulations of the Act, were\nmandated to fulfill their obligation until the original deadline, that is\nby 26 June\n2019 to provide client identification with regards to all their clients. Prior to the expiry of\nthe deadline, the Hungarian Banking Association informed the Hungarian Government\nthat in the case\nof numerous service providers this identification procedure had not been fully completed. The Hungarian Parliament\nreacted to the problem as a matter of urgency: according to the new amendment of the Act, the\nnew deadline for identification is 31 October 2019. After the entry into force of\nthe amendment on 25 June 2019, the service providers had three business days to inform their affected clients if the client audit procedures had not been\nconducted yet or the audits were incomplete.<\/p>\n\n\n\n<p>Based on the above, we suggest\ncooperating with the concerned financial\ninstitutions.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"text-align:center\"><em>*<\/em><\/p>\n\n\n\n<p style=\"text-align:center\"><strong><em>This summary is intended to\nraise awareness and does not constitute legal advice.<\/em><\/strong><\/p>\n\n\n\n<p style=\"text-align:center\"><strong><em>If you have any questions or\nneed further information, please do not hesitate to contact us.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In our newsletter, we would like to introduce the amendment of Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing (the Act), which provides that the concerned organizations and financial institutions have received a grace period for client identification. <\/p>\n","protected":false},"author":1,"featured_media":1783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/posts\/1997"}],"collection":[{"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/comments?post=1997"}],"version-history":[{"count":2,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/posts\/1997\/revisions"}],"predecessor-version":[{"id":2000,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/posts\/1997\/revisions\/2000"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/media\/1783"}],"wp:attachment":[{"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/media?parent=1997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/categories?post=1997"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/gerey.hu\/EU\/wp-json\/wp\/v2\/tags?post=1997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}