Hungarian Banking Regulations Tightened to Boost Transparency

MNB Introduces Public Database for Financial Institutions

Budapest, Hungary - In an effort to enhance transparency and investor confidence, the Magyar Nemzeti Bank (MNB), Hungary’s central bank, has launched a new public database detailing the regulatory requirements for banks and financial institutions operating in the country.

Key Changes to Banking Regulations

• Licensing Requirements: Financial institutions can only provide services in Hungary if they hold an MNB license or are registered with the central bank.
• Public Database: The online register contains comprehensive data on all financial service providers subject to MNB oversight, including companies that have been warned by either Hungarian or foreign regulatory authorities.

Benefits for Consumers and Enterprises

• Easy Verification: Consumers can easily check whether a financial service provider is licensed to operate in Hungary through the MNB public database.
• Protection against Unscrupulous Operators: The database provides an added layer of protection against unlicensed or unauthorized financial institutions.

Move Seen as Significant Step towards Enhancing Financial Stability

The introduction of the MNB public database is a significant step towards enhancing financial stability and protecting investors in Hungary. By increasing transparency and accountability, the central bank aims to boost investor confidence and promote a stable financial environment.