AML supervision
Important for persons carrying out commercial activities:
Dealers in precious metals
The Act no. LIII. of 2017 on the prevention of money laundering and financing terrorism (hereinafter: AML) foresees that individuals or companies carrying out commercial activities related to precious metals are obliged to develop internal rules on the prevention of money laundering and submit it for approval with the e-form MKEH032 attaching the internal rule to the Government Office of the Capital City Budapest (referred as: Authority) within 45 days following the commencement of such commercial activities.
The AML was modified on 26th of July 2017 by the Act LIII of 2017, therefore service providers should revise their own internal rules until 1. January 2018.
The Authority as a non-binding recommendation - working in cooperation with the Authority's financial intelligence unit, with the agreement of the competent minister – made model regulation provides see on the Office website below:
http://mkeh.gov.hu/nemesfemvizsgalat/PmtUtmutato
Please note that all dealers in precious metals are subject to AML therefore all precious metals trader should revise their own internal rules.
The internal rules may be controlled by the Authority as the supervisory authority on the spot and generally as well, therefore the internal rules have to be kept in the store (in all commercial facility).
The „Registers” menu item includes all dealers in precious metals which got permissions for trade from the Authority.
Traders in goods
The Authority is the generally competent administrative authority to register nationwide those individuals or companies carrying out commercial activities who receive in cash in an amount of HUF two million five hundred thousand or more.
The AML foresees that the traders in goods are obliged to develop internal rules on the prevention of money laundering and submit it for approval in two original examples to the Authority.
The AML was modified on 26th of July 2017 by the Act LIII of 2017, therefore service providers should revise their own internal rules until 1. January 2018.
The Authority as a non-binding recommendation – working in cooperation with the Authority's financial intelligence unit, with the agreement of the competent minister – made model regulation provides see on the Office website below:
http://mkeh.gov.hu/nemesfemvizsgalat/PmtUtmutato
Please note that all traders in goods who are subject to AML should revise their own internal rules.
The internal rules may be controlled by the Authority as the supervisory authority generally, therefore the internal rules have to be kept in the store (in all commercial facility).
The „Registers” menu item includes the list of those traders in goods, which are registered by the Authority.
