Recommendation No. 1/2026 (II.24.) of the Magyar Nemzeti Bank on Compliance Officers for Combating Money Laundering and Terrorist Financing, Their Duties and Responsibilities, and Related Internal Procedures and Control Mechanisms

This Recommendation mandates that financial organizations establish specific organizational structures and appoint designated responsible officers (AML/CFT and Sanctions Compliance Officers) to ensure effective implementation of anti-money laundering and counter-terrorist financing strategies. It requires governing bodies to possess collective competence regarding ML/TF risks, approve relevant policies, and oversee their execution, while supervisory bodies must monitor these functions and review performance reports at least annually or semi-annually. The document further stipulates that officers must have adequate authority and resources, undergo suitability assessments, and report directly to governing bodies, with specific provisions for organizations lacking a governing body to appoint a senior manager to fulfill these duties.

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Recommendation No. 1/2026 (II.24.) of the Magyar Nemzeti Bank

on Compliance Officers for Combating Money Laundering and Terrorist Financing, Their Duties and Responsibilities, and Related Internal Procedures and Control Mechanisms

I. Purpose and Scope of the Recommendation

In connection with combating money laundering and terrorist financing (hereinafter: AML/CFT), the appropriate, prudent, and careful operation of financial organizations is of paramount importance. The purpose of this Recommendation is to formulate the expectations of the Magyar Nemzeti Bank (hereinafter: MNB) regarding the organizational structure ensuring AML/CFT compliance by financial organizations, the role, tasks, and responsibilities of officers ensuring the performance of AML/CFT duties, as well as related internal procedures, control mechanisms, and processes, thereby increasing the predictability of legal application and facilitating the uniform application of relevant legislation.

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Source: Magyar Nemzeti Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works