Money Laundering & Banking Announcements

The law requires banks, insurance companies and other financial service providers to report unusual cash movements exceeding HUF 3.6 million and cash exchanges exceeding HUF 500,000. However, the merchant is also required to report any cash payments above $ 2.5 million if he / she considers them suspicious.


The keyword here is an unusual term

The keyword here is an unusual term

At one of the banks I worked for, the gas station next to us paid me $ 40-80 million a day in cash. Since this was a daily routine, of course we did not report it. If an entrepreneur made a daily, weekly, or monthly referral or received $ 5-10-50 million, we didn’t report it because there was nothing unusual about it.

The announcement is made either by a bank, insurance worker or at the center, for example, noticing a large sum of Iran.

There are two misconceptions about this. One is that banks mean everything, so if you get four million forints from abroad, the tax office will immediately know and hit you.

One of my clients was engaged in online sales, with an annual amount of one million dollars (!) Coming to his retired mother’s account, which he immediately picked up or transferred to his own account. It has never appeared to anyone that this movement of money is at least questionable for a retired individual.


Another mistake comes from the above belief

Another mistake comes from the above belief

Saying so much data at the authority, they don’t even realize a few million or tens of millions of forints. Well this is not true because there is hardly any data.

The annual statistics can be downloaded by anyone, which shows that banks reported 6969 transactions, insurance companies 275 and exchange offices 352 cases. Only one was found suspicious in real estate transactions, which is quite modest among many Russian, Chinese and other foreign buyers. (The report also has an interesting article about binary options trading and something other than bitcoin.)

The total number of notifications rarely reaches nine thousand a year. (There are 870 million electronic transactions per year, of course, most of which are well below the 3.6 million limit.)

So it’s unnecessary to frighten people by knowing that the tax office will be aware of all the transactions immediately, but it is also a mistake to be able to trace it without anyone noticing because your reference will disappear in the sea of ​​data.