Bill > HR3829

This bill requires the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to collaborate closely to help businesses understand and comply with beneficial ownership reporting requirements. The legislation stems from concerns about malign actors using corporations and limited liability companies to hide ownership and facilitate illegal activities like money laundering, terrorism financing, and human trafficking. Under the bill, FinCEN and the SBA must develop a joint memorandum of understanding within 90 days of enactment that outlines specific coordination efforts, including disseminating information to businesses in multiple languages, creating educational resources about reporting requirements, hosting town halls and webinars, and developing strategies to increase compliance. The agencies must meet every six months to review challenges and collaboration strategies, and they are required to submit monthly reports to Congressional committees detailing their outreach efforts, the number of businesses receiving assistance, and the current level of compliance with beneficial ownership reporting requirements. The goal is to create a clear, standardized approach to collecting ownership information that protects national security interests while minimizing burdens on small businesses.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3829/all-info