Coming Up Next: UBO Register In Hungary

Hungary was one of the last EU countries to introduce a register of ultimate beneficial owners. While the provisions of the Fourth and Fifth AML Directives were already implemented in the Hungarian AML Act, the technical conditions on the actual operation of the UBO register were only adopted by Act XLIII of 2021 ("UBO Register Act") and are in force as of 22 May 2021.

What does UBO mean and why is it important?

The UBO or ultimate beneficial owner is the person who ultimately benefits from an entity's financials. Generally, a person who owns at least 25 % of the voting rights or shares, or otherwise has a major influence on the management of the entity, is considered the ultimate beneficial owner.