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Register of ultimate beneficial owners "UBO" (ultimate beneficial owner)
Register of ultimate beneficial owners UBO
The scope of the Data Background Act includes companies, organisations, partially state-owned organisations, and trusts registered in the territory of Hungary. Data reporting is the obligation of the payment service providers keeping the payment accounts, however the companies themselves are responsible for providing the payment service providers with this data. The Hungarian Tax Authority (hereinafter: HTA) is responsible for setting up and maintaining the UBO register. As of 1 October 2021, payment service providers keeping the payment accounts will be obliged to report the data on a monthly basis. The reporting is based on the data of the ultimate beneficial owner available on the last day of the month of concern.
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