To implement 4th and 5th anti-money laundering EU directives, Hungary introduces the ultimate beneficial owners’ (“UBOs”) register. The UBO Register will be managed by the Hungarian Tax and Customs Authority (“TA”) & will work as a central database for the same.
The data on UBOs must be reported to the TA by the account holder bank. Moreover, UBOs need to inform their companies of any change in the personal data within 15 days and the companies must update their banks within 5 days. The banks then is required to regularly report to the TA.
Implication
UBO must be informed as and when the change happens, but an annual check for updating the UBO register should be done before the annual general meeting.