Customer Due Diligence for Entrepreneurs

According to the regulations and applicable legislation OTP Bank is obligated to collect and keep the Entrepreneurs’ data up to date throughout the client relationship, in connection with the use of banking products. This Customer Due Diligence must be conducted every 1 to 5 years, based on a risk-sensitive approach.

The mandatory Customer Due Diligence is regulated by Act LIII of 2017 on Prevention and Combating of Money Laundering and Terrorist Financing.

What does customer due diligence consist of?

OTP Bank:

Verifies the entrepreneur’s identification data based on the valid documents presented,
Identifies the representatives(s) acting on behalf of entrepreneur at the Bank,
Requests a declaration regarding the data of the beneficial owners, as well as the tax residency of the legal entity and, where applicable of the beneficial owners themselves.

In particular cases, the submission of additional information and declarations is also essential, such as a diagram illustrating the ownership structure and declaration regarding politically exposed person (PEP) status.

How are you made aware of the obligation to comply with or undergo Customer Due Diligence?

Our clients for whom Customer Due Diligence is required are notified either by e-mail or by post. Additionally, your designated Banking Relationship Manager may contact you directly via e-mail or phone.

How can our customer due diligence request be fulfilled?

At an OTP Bank branch

If you wish to complete the customer due diligence process in person, please book and appointment in advance at the branch where your account is held.

Book an appointment

In cases where personal appearance is not possible, please send the following documents by post:

declarations that do not require verification, available under the Downloadable Forms section,
certified copies of the identification documents, which must be duly verified by a notary public or by a Hungarian consular authority. (Please note if the documents are authenticated by a foreign notary they must also be certified by the Hungarian Consular authority or the copies must bear an Apostille certificate in accordance with the Hague Convention of 5 October 1961, which abolishes the requirement of diplomatic or consular legalization for public documents used abroad.)

Please send all documents to the following address: OTP Bank Nyrt. 8901 Zalaegerszeg, P.O. Box: 1026

What happens if you don't comply with the customer due diligence request?

If you do not provide the required documentation or miss to provide the necessary declarations by the deadline indicated in the notification, OTP Bank is legally obliged to refuse the execution of any instructions or transactions initiated by you (pursuant to Section 13 § (8) of the Act LIII of 2017 on Preventing and Combating Money Laundering and Terrorist Financing).

What actions must be taken in the event of a change in your data?

According to Section 2 of the OTP Bank’s Customer Identification Policy, you are obliged to notify the Bank of any changes to your data.

Frequently asked Questions (FAQ)

Public documents must be translated only if they are not in Hungarian, English or German. In all other cases, a certified translation is required, and copies of the documents must be authenticated by a notary public or by a Hungarian consular authority.

If the copy of the documents authenticated by a foreign notary, it must be further certified by the Hungarian Consular authority or to ensure that the copy of the documents is accompanied by a certificate in accordance with Hague Convention of 5 October 1961, which abolished the requirement of diplomatic or consular legalization for foreign public documents intended for use abroad.

For Hungarian citizens:

Identity card or passport, or card format driver’s license
Address card (if the Hungarian address or place of residence is not indicated on the identity card)
Document certifying foreign address or place of residence (only if the person has a foreign address or place of residence)

For foreign citizens:

Foreign identity card (if it entitles the holder to reside in Hungary), or passport, or identity card issued by a Hungarian authority for foreign nationals
Document/official certificate of address or place of residence (if it is in Hungary)
Document/official certificate certifying foreign residence or place of residence (if the person has a foreign address or place of residence)

If the representative with foreign citizenship is unable or unwilling to travel to Hungary, they may provide certified copies of the documents containing the data required for identification and verification of identity by post or through a personal representative/courier.

Copies of documents must be presented in a form certified by a notary public or a Hungarian consular authority. If the copy of the documents certified by a foreign notary, it must be further certified by the Hungarian Consular authority, or it must be provided with a certificate (apostille) as defined in the Hague Convention of 5 October 1961, which abolished the requirement of diplomatic or consular legalization for foreign public documents intended for use abroad.

Please send the certified documents to the following address: OTP Bank Nyrt. 8901 Zalaegerszeg, P.O. Box: 1026

According to the law, a politically exposed person is defined as a natural person who holds or has held within one year prior to the due diligence process, an important public function (pursuant to Section 4 § of the Act LIII of 2017 on Preventing and Combating Money Laundering and Terrorist Financing).

The Act defines the following persons as occupying important public functions:

the head of state, the head of government, minister, vice-ministers, secretaries of state, in Hungary: the Head of State, the Prime Minister, ministers, secretaries of state,
Parliament representatives and members of similar legislative bodies, in Hungary: Parliament representatives and nationality spokesmen,
Members of the governing body of political parties, in Hungary: members and officers of the governing body of political parties,
Members of the supreme court, the constitutional court or any high-level judicial body whose decisions cannot be appealed against, in Hungary: members of the Constitutional Court (“Alkotmánybíróság”), Courts of Appeal (“ítélőtáblák”) and the Supreme Court (“Kúria”),
Members of the Board of Directors of the court of auditors and the central bank, in Hungary: the Chair and Vice Chair of the State Audit Office (“Számvevőszék”), the Monetary Council and the Financial Stability Council,
Ambassadors, chargés d'affaires and high-ranking officers of armed forces, in Hungary: the head of the central body of the policing body and his/her deputy, as well as the Chief of Staff of the Hungarian Defence Forces and his/her deputies,
Members of the directing, controlling or supervisory bodies of undertakings in the majority ownership of the state, in Hungary: the executive officers of undertakings in the majority ownership of the state and the members of the managing bodies of such undertakings having management or supervisory powers,
Heads of international organizations, their deputies and members of the managing bodies of such organizations or any person holding an equivalent function.

You are required to make a declaration even if you are not a politically exposed person (PEP), but have a close relative who qualifies as such (including spouse, domestic partner, biological, adopted, step or foster child, as well as their respective spouses or domestic partners, biological, adopted step or foster parent), or if you maintain a close relationship with a politically exposed person (PEP).

Available Downloadable Forms