Introduced on June 6, 2025, this proposal would require the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to coordinate outreach about beneficial ownership reporting. Within 90 days of enactment, the agencies would create and publish a memorandum of understanding. It would provide for information in English, Spanish, and any other jointly chosen languages; links from the SBA website to relevant FinCEN pages; and town halls, webinars, and efforts to warn about related scams. The agencies would review their coordination every six months and send Congress reports every 30 days on outreach, assistance, compliance numbers, and planned actions. The proposal was referred to House committees and is in progress.
Companies required to report beneficial ownership information could receive guidance through SBA resource partners, trade groups, town halls, and webinars. The bill would also direct the agencies to share information in English and Spanish, and possibly other languages. It does not change the reporting requirements themselves in the text provided.
No publicly available information. The bill text does not specify costs or funding amounts.
The bill states that better coordination and outreach could help small businesses understand reporting requirements and avoid scams. Its findings say beneficial ownership information supports efforts to counter money laundering and other illicit activity.
No publicly available information.