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Hungary’s Financial Regulatory Environment: How to Detect Financial Crimes
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Hungary’s financial regulatory environment is governed by various laws and regulations aimed at preventing and detecting financial crimes. The country’s Anti-Money Laundering (AML) law and regulations are aligned with international standards, requiring financial institutions to implement effective AML measures.
Challenges in Detecting Financial Crimes
Financial institutions in Hungary face a range of challenges when it comes to detecting financial crimes. These include:
- Navigating complex regulatory requirements
- Managing risk effectively
- Staying up-to-date with emerging threats
PwC’s Financial Crime Services
To address these challenges, PwC’s Financial Crime Services offers a range of managed services aimed at supporting financial institutions in their AML efforts. Our team of experts provides tailored solutions that can be deployed quickly to meet specific business needs.
Our Approach
Our managed services are designed to support financial institutions in meeting their regulatory obligations and managing risk effectively. We provide a range of services, including:
- Know Your Customer (KYC) processes - onboarding, regular reviews, event-driven reviews
- Transaction Monitoring alerts investigation
- Client Exits
- Screening as a Service (negative news, PEP and Sanctions)
- Quality Control/Quality Assurance as a Service
Our Capabilities
We have over 50 regulatory experts with hands-on experience in Financial Crime controls and regulations. Our team has worked with numerous global and local financial institutions in compliance-related projects, including transformations, risk modeling, health checks, and designing and implementing cost-efficient AML operating models.
Why PwC?
At PwC, we offer a range of benefits to our clients, including:
- Global and local risk and regulatory expertise
- Tested, scalable, and adoptable delivery framework
- Extensive international and local experience
- Quality embedded in our delivery
- Efficiency driven by technology
Conclusion
In Hungary, the financial regulatory environment is complex and constantly evolving. Financial institutions must be able to navigate these challenges effectively to prevent and detect financial crimes. PwC’s Financial Crime Services offers a range of managed services aimed at supporting financial institutions in their AML efforts. Our team of experts provides tailored solutions that can be deployed quickly to meet specific business needs, ensuring compliance with regulatory requirements and effective risk management.