Global FinTech Guide
Country Name
KYC requirements
The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.

Legal affairs

National regulatory framework regarding AML and effective date of the regulations

The AML Act is based on the AML4 and AML5 Directives (Act LIII of 2017) and entered into force on 26 June 2017.

National regulator or relevant authority for AML controls

The regulator regarding the financial sector is the Hungarian National Bank.

Customer Due Diligence

Conduct of a typical KYC identification process

The legal provisions on the identification process are fully harmonised with the relevant EU directives. While face-to-face identification is the common practice, Hungarian law has also developed processes for identification via electronic means.

Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations


Possibility to outsource customer due diligence by contract to other third parties who are not obliged by law to meet AML regulations and rely on these (e.g., WebID, IDnow, PostIdent)


Presence of a license or registration requirement for the third party in case of outsourcing customer due diligence


Further questions

Entities that could be relied on specifically by law as a third party to comply with AML regulations (regardless of outsourcing)

Yes credit institutions
Yes financial institutions
Yes auditors, external accountants, and tax advisors
Yes notaries and other independent legal professionals
Yes other trust or company service providers
Yes estate agents
Yes other persons trading high-value goods
Yes providers of gambling services



© 2022, Lakatos, Köves and Partners Law Firm. All rights reserved by Lakatos, Köves and Partners Law Firm as author and the owner of the copyright in this chapter. Lakatos, Köves and Partners Law Firm has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.


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