The Hungarian National Bank (MNB) reiterated the information published on the website of the European Banking Authority (EBA) with respect to changes to the application date of certain modules of EBA reporting framework 3.2. Additionally, MNB published a circular on the classification of loans in payment moratorium and issued a statement on the management of money laundering and terrorist financing risks at certain banks.
Below are the key highlights of the recent updates:
- MNB notified that COREP_OF, COREP_ALM, GSII, and AE modules will be applied in 2023 (expected in first half of 2023). The other modules in COREP will be applied from December 2022. For all the other frameworks not in scope of 3.2 (FINREP, RESOLUTION, MREL, PAY, COVID19, FP), the modules without CON/IND/IFRS/GAAP will be created in release 3.2, with no further amendments to the data point definition and table definition. These modules will apply from December 2022.
- MNB has issued a new management circular to credit institutions on the procedures to be followed in connection with the non-performance of retail and corporate customers under the moratorium, the determination of restructuring, the classification based on the estimation of expected losses, and accounting for bank impairment.
- As a result of its thematic investigation, MNB found deficiencies in the reporting practices of certain credit institutions regarding cases of suspected money laundering. Due to the revealed deficiencies, at the end of December 2021, MNB imposed a total fine of HUF 158.2 million on the seven market participants and obliged them to correct these deficiencies with deadlines of April-May 2022. In the first half of 2022, MNB was convinced that the credit institutions involved in the investigation fully complied with the prescribed measures, filled in the deficiencies, and are now able to detect and eliminate transit account risks.
Keywords: Europe, Hungary, Banking, Reporting, Reporting Framework 3 2, COREP, FINREP, CRR, Basel, ML TF Risk, Moratorium, Lending, Loan Repayment, EBA, MNB
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