FinCEN: four Hungarian banks are involved in the major money laundering scandal

The FinCEN Files have revealed 63 suspicious transactions from Hungarian banks to countries like Tanzania, and earlier this year, the Central Bank of Hungary also had to impose fines on six banks for deficiencies in their anti-money laundering policy.

As Napi writes, the recent turmoil around the FinCEN Files – in which 2,100 reports from the US Treasury Department on suspicious banking activities were leaked a few weeks ago – involved four Hungarian banks as well.

Over the period 1999–2017, 63 suspicious (not necessarily illegal) transactions were linked to Hungarian banks.

The bank with the highest number of transactions (35, all outgoing) was UniCredit, worth USD 6,025,100. It is followed by Raiffeisen (22): USD 650,069 for outgoing and USD 1,100,000 for incoming transactions.

The other two banks on the list are K&H and Magnet, both with three suspicious incoming transactions (USD 218,800 and 847,990, respectively). The 63 transactions of these four banks are linked to the countries of Tanzania, Cyprus, Russia, India, Monaco, and the United States.

Central Bank of Hungary: six banks fined for inadequate monitoring

Earlier this year, the Central Bank of Hungary (MNB) carried out a target probe on Hungarian banks, and have also revealed shortcomings regarding banks’ anti-money laundering procedures. The Bank found that six banks had deficiencies in monitoring suspicious transactions since 2018.