Bill > S1995

This bill requires the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to collaborate and create a formal agreement to help small businesses understand and comply with beneficial ownership reporting requirements. The bill recognizes that malicious actors often try to hide ownership of businesses to facilitate illegal activities like money laundering, terrorism financing, and human trafficking. Under the proposed legislation, FinCEN and the SBA must develop a memorandum of understanding within 90 days of enactment that outlines specific coordination efforts, including disseminating information to businesses in multiple languages, creating educational resources, hosting town halls and webinars, implementing fraud prevention strategies, and providing outreach to companies struggling to comply with beneficial ownership reporting. The agencies must meet every six months to review challenges and collaboration strategies, and they are required to submit joint reports every 30 days to congressional committees detailing their outreach efforts, the number of companies receiving assistance, and the number of companies in compliance with the reporting requirements. The ultimate goal is to increase transparency in business ownership while minimizing burdens on small businesses and protecting national security interests.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/1995/all-info