Beneficial ownership registers

As of 10 January 2020, the EU Member States must bring into force the laws and regulations transposing the provisions of the Fifth Anti-Money Laundering Directive, as such, they should set up the beneficial ownership registers for corporates.

Virtual currencies will be covered by the amended Anti-Money Laundering Act

A new amendment to the Hungarian Anti-Money Laundering Act seeks to extend its scope to custodian wallet providers and virtual currency exchange platforms, in order to reduce the risks associated to cryptocurrencies. The proposal is currently before the Hungarian Parliament, and aims at fulfilling Hungary’s obligations deriving from the 5th Anti-Money Laundering Directive (“Directive”).