Why does the bank need to know its customers and keep up-to-date information about them?

The bank is obliged to do so pursuant to the following legislation:

• domestic legislation on the Prevention and Combating of Money Laundering and Terrorist Financing, and
• the underlying European Union Directive.

What does Customer Due Diligence obligation mean?

The Customer Due Diligence obligation means that we are obligated to identify and verify the customer’s identity, classify the customer’s risk level, to get to know the purpose and the type of the business relationship and client’s transactions, including the monitoring of the customer’s transactions.

What are the parts of Customer Due Diligence?

In the context of customer due diligence, the bank:

• verifies the customer's identification data with the presented and valid personal identification documents,
• in accordance with the relevant legal obligations and the Internal Risk Assessment in specific cases requests proof of Hungarian address and proof of purpose of staying in Hungary or abroad,
• may ask questions about - among other things -
  • their transaction habits for which the form will be provided by the employees of the bank responsible for account keeping
  • in cases specified by law about the source of wealth for which the customer is required to complete a Source of wealth declaration form
  • the politically exposed person status for which the customer is required to complete the Declaration on the politically exposed person status.

How to comply with our customer due diligence request?

In case of visiting any OTP branch, the employee of the bank can initiate the Customer Due Diligence.

We send letters to our customers who are due for Customer Due Diligence, asking them to visit our branches.

What happens if the Customer Due Diligence is not performed?

If the required documents and declarations are not presented, pursuant to Section 13 (8) of Pmt., we are obliged to restrict the execution of the payment transaction.

What to do if there is a change in the customer's data?

On the basis of the 2nd paragraph of the OTP Bank's Announcement about the Customer Due Diligence process, the client must immediately notify the bank about the change of his/her data.