The new anti-money laundering and countering the financing of terrorism (AML/CFT) legislative package of the European Union : The expected amendments of the Hungarian Anti-Money Laundering Act according to the “EU Single Rulebook”

Papp, Zsófia (2025) The new anti-money laundering and countering the financing of terrorism (AML/CFT) legislative package of the European Union : The expected amendments of the Hungarian Anti-Money Laundering Act according to the “EU Single Rulebook”. EUROPEAN INTEGRATION STUDIES, 21 (1 (SE)). pp. 227-246. ISSN 1588-6735

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Abstract

The final elements of the new anti-money laundering and countering the financing of terrorism legislative package of the EU were published in the Official Journal on 19June 2024. The highly ambitious legislative package delivers a stronger and consistent set of anti-money laundering and countering the financing of terrorism rules at EU level. The implementation of the legislative package can be achieved by comprehensively amending the Hungarian AML/CFT Act (or the adoption of a new AML/CFT Act) and the provisions of the current AML/CFT Act must be reviewed and modified on the basis of the new requirements.This study analyzes some of the most important differences between the requirements of the EU AML/CFT Directive currently in force and the EU Single Rulebook (the new EU AML/CFT Regulation and Directive), referring also to the necessary amendment of the AML/CFT Act in these fields. The study especially focuses on key requirements of obliged entities, especially regarding the scope and the elements of the customer due diligence.

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