HUN PRL Online Fraud Framework

On May 10, HUN PRL amended laws necessary to combat online fraud.

  • HUN PRL published Law XVIII of 2024 on the amendment of laws necessary to combat online fraud and other criminal laws, making available the justification of amendments.
  • Main Points
  • The amended laws are C of 2012 on the Criminal Code; XC of 2017 on criminal procedure; CCXL of 2013 on implementation of penalties, measures and detention.
  • CLXXX of 2012 on criminal cooperation with the member states of the EU; XLIX of 1991 on bankruptcy and liquidation proceedings; CVII of 1995 on prison organization.
  • LXXXVIII of 2013 on the warrant registration system; CCXXXVII of 2013 on credit institutions and financial enterprises; CCXXXV of 2013 on payment service providers.
  • LIII of 2017 on the prevention of AML/CFT and law XXXIV of 1994 on Police service.
  • The amendments' goal is to reduce the administrative burden about data requests.
  • And to support voluntary forms of cooperation between bodies conducting criminal proceedings and investigations, identify the financial advantages obtained by crime.
  • Changes allow for applicability of the framework against AML/CFT to the area of online fraud; financial service providers can search for and block stolen bank account money.
  • With appropriate cooperation and exchange of information within the financial sector.
  • Effectiveness
  • The Law enters into force on Aug. 1, 2024; sections 15 and 17 in force Jan. 17, 2025.

Regulators HUN PRL
Entity Types Bank; CNSM; Corp; MSB
Reference Law XVIII, OG, 5/10/2024; Law C/2012; Law XC/2017; Law CCXL/2013; CLXXX/2012; XLIX/1991; CVII/1995; LXXXVIII/2013; CCXXXVII/2013; CCXXXV/2013; LIII/2017; XXXIV/1994
Functions AML; Financial; Fraud; Legal; Operations; Reporting; Resolution; Risk; Technology; Treasury
Countries Hungary
Products Banking; Cards; Deposits
Regions EMEA
Rule Type Final
Rule Date 5/10/2024
Effective Date 8/1/2024
Rule Id 211608
Linked to N/A
Reg. Last Update 5/10/2024
Report Section EU

Last substantive update on 05/15/2024