This bill requires the Director of the Financial Crimes Enforcement Network (FinCEN) and the Administrator of the Small Business Administration (SBA) to meet quickly and sign a written memorandum of understanding (MOU). They must meet within 30 days and enter the MOU within 90 days. The MOU must set out how they will share FinCEN "covered information" about beneficial ownership reporting requirements with reporting companies, trade associations, and SBA resource partners. Required actions in the MOU include making materials available in English and Spanish (and other languages if agreed), adding a link on the SBA homepage to FinCEN pages about beneficial ownership, identifying and countering scams related to reporting, holding in-person town halls and webinars with FinCEN staff, using SBA field offices and FinCEN Domestic Liaisons for outreach, and any other activities the two agencies agree will increase compliance. The MOU must be posted publicly within 7 days of signing. The agencies must meet every 6 months to review coordination, challenges to compliance, reasons companies fail to comply, and strategies to address those reasons. Officials attending those review meetings may not receive compensation for attending. The bill also requires the agencies to submit joint reports to specified Congressional committees every 30 days after the MOU is signed. Each report must describe outreach actions taken in the prior 30 days, estimate how many reporting companies received covered information or assistance, give the number of reporting companies in compliance, and list planned actions for the next 30 days.
If you run a small business that must report beneficial ownership information, this bill would aim to increase outreach and education to you. You could see more materials and notices from the SBA or FinCEN, find links on the SBA website to FinCEN guidance, get information in English and Spanish, and be invited to local town halls or webinars where FinCEN staff explain how to comply. The bill itself does not change who must report or the reporting rules; it directs coordination and outreach to help increase compliance.
No publicly available information.
The bill includes a "Sense of Congress" statement that says people hide ownership of companies to enable illicit activity such as money laundering, financing of terrorism, tax fraud, trafficking, and corruption. It says collecting beneficial ownership information is needed to set a clear federal standard, protect national security and commerce, help law enforcement and intelligence efforts, and meet international anti-money-laundering standards. The statement also says the Treasury and SBA should work with small businesses to give clear guidance and reduce burdens while building a useful database, and that full implementation of the Corporate Transparency Act is important.
No publicly available information.