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Hungary: Changes in Ultimate Beneficial Owners registration process

Corporations based in Hungary are no longer required to register UBOs themselves, as starting on the 1st of July 2022, all service providers (such as tax advisors, banks, accountants, domiciliation service providers, lawyers etc.) have access to the UBO database and are able to perform registrations on behalf of their clients. Despite this, it remains the company’s responsibility to alert the providers in a timely manner and keep valid and current UBO information on internal company records.

Companies must notify their relevant service providers of any changes to UBO data within 15 days of the modification and providers must report the updated data to the UBO database or register within 5 days. Certain penalties or other negative consequences will be imposed on service providers that have not complied with the regulation.