Register of ultimate beneficial owners "UBO" (ultimate beneficial owner)

The law regulating the central register of ultimate beneficial ownership’s information entered into force on 21 May 2021. The aim of the law is to make the ownership structure of the companies more transparent and the fight against money laundering more effective. In our newsletter, we summarised the main provisions concerning the UBO register and its anticipated impacts.

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.

To read the whole newsletter below.