,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #ccca  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #bc1 #bjac    
,mrs4 ,c>olyn ,b4 ,maloney ( ,new ,york 
7= h]self1 ,ms4 ,wat]s1 ,ms4 ,moore1 &  
,mr4 ,capuano7 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
title #ca1 ,unit$ ,/ates ,code1 to      
ensure t p]sons :o =m corporations or   
limit$ liability companies 9 ! ,unit$   
,/ates disclose ! b5eficial own]s ( ^?  
corporations or limit$ liability        
companies1 9 ord] to prev5t wrongdo]s f 
exploit+ ,unit$ ,/ates corporations &   
limit$ liability companies = crim9al    
ga91 to assi/ law en=cem5t 9 detect+1   
prev5t+1 & puni%+ t]rorism1 money       
laund]+1 & o!r misconduct involv+ ,unit$
 ,/ates corporations & limit$ liability 
companies1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,incorporation ,transp>5cy & ,law       
,en=cem5t ,assi/ance ,act4  #b4 ,f9d+s  
,congress f9ds ! foll[+3  7#a7 ,ne>ly   

#b1jjj1jjj corporations & limit$        
liability companies are be+ =m$ "u !    
laws ( ! ,/ates ea* ye>4  7#b7 ,v few   
,/ates obta9 mean+ful in=mation ab\t !  
b5eficial own]s ( ! corporations &      
limit$ liability companies =m$ "u _!    
laws4  7#c7 ,a p]son =m+ a corporation  
or limit$ liability company )9 ! ,unit$ 
,/ates typically provides less in=mation
 to ! ,/ate ( incorporation ?an is ne$$ 
to obta9 a bank acc\nt or driv]'s lic5se
 & typically does n "n a s+le b5eficial 
own]4  7#d7 ,crim9als h exploit$ !      
weaknesses 9 ,/ate =mation proc$ures to 
conceal _! id5tities :5 =m+ corporations
 or limit$ liability companies 9 !      
,unit$ ,/ates1 & h !n us$ ! newly creat$
 entities to commit crimes affect+      
int]/ate & int]national comm]ce su* z   
t]rorism1 drug traffick+1 money laund]+1
 tax evasion1 securities fraud1 f9ancial
 fraud1 & acts ( =eign corruption4  7#e7
 ,law en=cem5t ef=ts to inve/igate      
corporations & limit$ liability         
companies suspect$ ( committ+ crimes h  

be5 imp$$ by ! lack ( available         
b5eficial own]%ip in=mation1 z docum5t$ 
9 reports & te/imony by (ficials f !    
,dep>tm5t ( ,ju/ice1 ! ,dep>tm5t (      
,homel& ,security1 ! ,f9ancial ,crimes  
,en=cem5t ,network ( ! ,dep>tm5t ( !    
,treasury1 ! ,int]nal ,rev5ue ,s]vice1 &
 ! ,gov]nm5t ,acc\ntability ,(fice1 &   
o!rs4  7#f7 ,9 ,july #bjjf1 a lead+     
int]national anti-money laund]+         
organization1 ! ,f9ancial ,action ,task 
,=ce on ,money ,laund]+ 79 ?is section  
ref]r$ to z ! ,,fatf71 ( :i* ! ,unit$   
,/ates is a memb]1 issu$ a report t     
criticizes ! ,unit$ ,/ates = fail+ to   
comply ) a ,,fatf /&>d on ! ne$ to      
collect b5eficial own]%ip in=mation &   
urg$ ! ,unit$ ,/ates to correct ?is     
defici5cy by ,july #bjjh4  7#g7 ,9      
response to ! ,,fatf report1 ! ,unit$   
,/ates has repeat$ly urg$ ! ,/ates to   
/r5g!n _! incorporation practices by    
obta9+ b5eficial own]%ip in=mation = !  
corporations & limit$ liability         
companies =m$ "u ! laws ( su* ,/ates4   

7#h7 ,_m ,/ates h e/abli%$ automat$     
proc$ures t all[ a p]son to =m a new    
corporation or limit$ liability company 
)9 ! ,/ate )9 #bd h\rs ( fil+ an onl9e  
application1 )\t any prior review ( !   
application by a ,/ate (ficial4 ,9      
ex*ange = a sub/antial fee1 #b ,/ates w 
=m a corporation )9 #a h\r ( a reque/4  
7#i7 ,doz5s ( ,int]net ,web sites       
highlight ! anonymity ( b5eficial own]s 
all[$ "u ! incorporation practices ( "s 
,/ates1 po9t to ^? practices z a reason 
to incorporate 9 ^? ,/ates1 & li/ ^?    
,/ates toge!r ) (f%ore jurisdictions z  
pref]r$ locations = ! =mation ( new     
corporations1 ess5tially provid+ an op5 
invitation to crim9als & o!r wrongdo]s  
to =m entities )9 ! ,unit$ ,/ates4      
7#aj7 ,9 contra/ to practices 9 ! ,unit$
 ,/ates1 all #bh c\ntries 9 ! ,european 
,union are requir$ to h =mation ag5ts   
id5tify ! b5eficial own]s ( !           
corporations =m$ "u ! laws ( ! c\ntry4  
7#aa7 ,to r$uce ! vuln]ability ( !      
,unit$ ,/ates to wrongdo+ by ,unit$     

,/ates corporations & limit$ liability  
companies ) hidd5 own]s1 to protect     
int]/ate & int]national comm]ce f       
crim9als misus+ ,unit$ ,/ates           
corporations & limit$ liability         
companies1 to /r5g!n law en=cem5t       
inve/igations ( suspect corporations &  
limit$ liability companies1 to set      
m9imum /&>ds = & level ! play+ field    
among ,/ate incorporation practices1 &  
to br+ ! ,unit$ ,/ates into compliance )
 its int]national anti-money laund]+    
/&>ds1 ,f$]al legislation is ne$$ to    
require ! ,/ates to obta9 b5eficial     
own]%ip in=mation = ! corporations &    
limit$ liability companies =m$ "u ! laws
 ( su* ,/ates4  #c4 ,transp>5t          
incorporation practices  7a7 ,transp>5t 
incorporation practices  7#a7 ,9 g5]al  
,*apt] #ec ( title #ca1 ,unit$ ,/ates   
,code1 is am5d$ by ins]t+ aft] section  
#eccb ! foll[+ new section3  #eccc4     
,transp>5t incorporation practices  7a7 
,report+ requirem5ts  7#a7 ,9 g5]al ,n  
lat] ?an ! beg9n+ ( fiscal ye> #bjaf1 ! 

,secret>y ( ! ,treasury %all issue      
regulations requir+ ea* corporation &   
limit$ liability company =m$ 9 a ,/ate t
 does n h a =mation sy/em describ$ "u   
subsection 7b7 to file ) ! ,secret>y su*
 in=mation z ! corporation or limit$    
liability company w\ld be requir$ to    
provide ! ,/ate if su* ,/ate _h a       
=mation sy/em describ$ "u subsection    
7b74  7#b7 ,disclosure ( b5eficial      
own]%ip in=mation ,b5eficial own]%ip    
in=mation report$ to ! ,secret>y ( !    
,treasury pursuant to p>agraph 7#a7 %all
 be provid$ by ! ,secret>y ( ! ,treasury
 ^u receipt (--  7,a7 a civil or crim9al
 subpo5a or summons f a ,/ate ag5cy1    
,f$]al ag5cy1 or congressional committee
 or subcommittee reque/+ su* in=mation2 
7,b7 a writt5 reque/ made by a ,f$]al   
ag5cy on behalf ( ano!r c\ntry "u an    
int]national treaty1 agreem5t1 or       
conv5tion1 or an ord] "u section #ceab (
 title #ah1 ,unit$ ,/ates ,code1 or     
section #aghb ( title #bh1 ,unit$ ,/ates
 ,code1 issu$ 9 response to a reque/ =  

assi/ance f a =eign c\ntry2 or  7,c7 a  
writt5 reque/ made by ! ,f9ancial       
,crimes ,en=cem5t ,network ( ! ,dep>tm5t
 ( ! ,treasury4  7b7 ,=mation sy/em     
7#a7 ,9 g5]al ,) respect to a ,/ate1 a  
=mation sy/em is describ$ "u ?is        
subsection if x meets ! foll[+          
requirem5ts3  7,a7 ,id5tification (     
b5eficial own]s ,except z provid$ 9     
p>agraphs 7#b7 & 7#d71 & subject to     
p>agraph 7#c71 ea* applicant to =m a    
corporation or limit$ liability company 
"u ! laws ( ! ,/ate is requir$ to       
provide to ! ,/ate dur+ ! =mation       
process a li/ ( ! b5eficial own]s ( !   
corporation or limit$ liability company 
t--  7i7 except z provid$ 9 subp>agraph 
7,f71 id5tifies ea* b5eficial own] by-- 
7,i7 "n2  7,,ii7 curr5t resid5tial or   
bus9ess /reet address2 &  7,,iii7 a     
unique id5tify+ numb] f a non-expir$    
passport issu$ by ! ,unit$ ,/ates or a  
non-expir$ driv]s lic5se issu$ by a     
,/ate2 &  7ii7 if ! applicant is n !    
b5eficial own]1 provides ! id5tification

 in=mation describ$ 9 clause 7i7 relat+ 
to ! applicant4  7,b7 ,updat$ in=mation 
,= ea* corporation or limit$ liability  
company =m$ "u ! laws ( ! ,/ate--  7i7 !
 corporation or limit$ liability company
 is requir$ by ! ,/ate to update ! li/ (
 ! b5eficial own]s ( ! corporation or   
limit$ liability company by provid+ !   
in=mation describ$ 9 subp>agraph 7,a7 to
 ! ,/ate n lat] ?an #fj days aft] ! date
 ( any *ange 9 ! li/ ( b5eficial own]s  
or ! in=mation requir$ to be provid$    
relat+ to ea* b5eficial own]2  7ii7 9 ! 
case ( a corporation or limit$ liability
 company =m$ or acquir$ by a =mation    
ag5t & reta9$ by ! =mation ag5t z a     
b5eficial own] = transf] to ano!r p]son1
 ! =mation ag5t is requir$ by ! ,/ate to
 submit to ! ,/ate an updat$ li/ ( !    
b5eficial own]s & ! in=mation describ$ 9
 subp>agraph 7,a7 = ea* su* b5eficial   
own] n lat] ?an #aj days aft] date on   
:i* ! =mation ag5t transf]s !           
corporation or limit$ liability company 
to ano!r p]son2 &  7iii7 ! corporation  

or limit$ liability company is requir$  
by ! ,/ate to submit to ! ,/ate an      
annual fil+ conta9+ ! li/ ( ! b5eficial 
own]s ( ! corporation or limit$         
liability company & ! in=mation describ$
 9 subp>agraph 7,a7 = ea* su* b5eficial 
own]4  7,c7 ,ret5tion ( in=mation       
,b5eficial own]%ip in=mation relat+ to  
ea* corporation or limit$ liability     
company =m$ "u ! laws ( ! ,/ate is      
requir$ to be ma9ta9$ by ! ,/ate until !
 end ( ! #e-ye> p]iod beg9n+ on ! date t
 ! corporation or limit$ liability      
company t]m9ates "u ! laws ( ! ,/ate4   
7,d7 ,in=mation reque/s ,b5eficial      
own]%ip in=mation relat+ to ea*         
corporation or limit$ liability company 
=m$ "u ! laws ( ! ,/ate %all be provid$ 
by ! ,/ate ^u receipt (--  7i7 a civil  
or crim9al subpo5a or summons f a ,/ate 
ag5cy1 ,f$]al ag5cy1 or congressional   
committee or subcommittee reque/+ su*   
in=mation2  7ii7 a writt5 reque/ made by
 a ,f$]al ag5cy on behalf ( ano!r c\ntry
 "u an int]national treaty1 agreem5t1 or

 conv5tion1 or section #aghb ( title    
#bh1 ,unit$ ,/ates ,code2 or  7iii7 a   
writt5 reque/ made by ! ,f9ancial       
,crimes ,en=cem5t ,network4  7,e7 ,no   
be>] %>e corporations or limit$         
liability companies ,a corporation or   
limit$ liability company =m$ "u ! laws (
 ! ,/ate may n issue a c]tificate 9 be>]
 =m evid5c+ ei!r a :ole or fractional   
int]e/ 9 ! corporation or limit$        
liability company4  7#b7 ,/ates t lic5se
 =mation ag5ts  7,a7 ,9 g5]al ,not)/&+  
p>agraph 7#a71 a ,/ate describ$ 9       
subp>agraph 7,b7 may p]mit an applicant 
to =m a corporation or limit$ liability 
company "u ! laws ( ! ,/ate1 or a       
corporation or limit$ liability company 
=m$ "u ! laws ( ! ,/ate1 to provide !   
requir$ in=mation to a lic5s$ =mation   
ag5t resid+ 9 ! ,/ate1 in/ead ( to !    
,/ate directly1 if ! application "u     
p>agraph 7#a77;,a7 or ! update "u       
p>agraph 7#a77;,b7 conta9s--  7i7 ! "n1 
curr5t bus9ess address1 contact         
in=mation1 & lic5s+ numb] ( ! lic5s$    

=mation ag5t t has agre$ to ma9ta9 !    
in=mation requir$ "u ?is subsection2 &  
7ii7 a c]tification by ! lic5s$ =mation 
ag5t t ! lic5s$ =mation ag5t has        
possession ( ! in=mation requir$ "u ?is 
subsection & w ma9ta9 ! in=mation 9 !   
,/ate lic5s+ ! lic5s$ =mation ag5t 9    
accordance ) ,/ate law4  7,b7 ,/ates    
describ$ ,a ,/ate describ$ 9 ?is        
subp>agraph is a ,/ate t ma9ta9s a =mal 
lic5s+ sy/em = =mation ag5ts t requires 
a =mation ag5t to regi/] ) ! ,/ate1 meet
 /&>ds = fitness & hone/y1 ma9ta9 a     
physical (fice & records )9 ! ,/ate1    
und]go regul> monitor+1 & be subject to 
sanctions = noncompliance ) ,/ate       
requirem5ts4  7,c7 ,lic5s$ =mation ag5t 
duties ,a lic5s$ =mation ag5t t receives
 b5eficial own]%ip in=mation "u ,/ate   
law 9 accordance ) ?is p>agraph %all--  
7i7 ma9ta9 ! in=mation 9 ! ,/ate 9 :i* !
 corporation or limit$ liability company
 is be+ or has be5 =m$ 9 ! same mann] z 
requir$ = ,/ates "u p>agraph 7#a77;,c72 
7ii7 provide ! in=mation "u ! same      

circum/ances z requir$ = ,/ates "u      
p>agraph 7#a77;,d72 &  7iii7 p]=m !     
duties ( a =mation ag5t "u p>agraph     
7#c74  7,d7 ,t]m9ation ( relation%ip    
7i7 ,9 g5]al ,except z provid$ 9 clause 
7ii71 a lic5s$ =mation ag5t t receives  
b5eficial own]%ip in=mation relat+ to a 
corporation or limit$ liability company 
"u ,/ate law 9 accordance ) ?is p>agraph
 & t resigns1 dissolves1 or o!rwise ends
 a relation%ip ) ! corporation or limit$
 liability company %all promptly--  7,i7
 notify ! ,/ate 9 writ+ t ! lic5s$      
=mation ag5t has resign$ or end$ !      
relation%ip2 &  7,,ii7 transmit all     
b5eficial own]%ip in=mation relat+ to ! 
corporation or limit$ liability company 
9 ! possession ( ! lic5s$ =mation ag5t  
to ! lic5s+ ,/ate4  7ii7 ,exception ,if 
a lic5s$ =mation ag5t receives writt5   
in/ructions f a corporation or limit$   
liability company1 ! lic5s$ =mation ag5t
 may transmit ! b5eficial own]%ip       
in=mation relat+ to ! corporation or    
limit$ liability company to ano!r lic5s$

 =mation ag5t t is )9 ! same ,/ate & has
 agre$ to ma9ta9 ! in=mation 9          
accordance ) ?is section4  7iii7 ,notice
 to ,/ate ,if a lic5s$ =mation ag5t     
provides b5eficial own]%ip in=mation to 
ano!r lic5s$ =mation ag5t "u clause     
7ii71 ! lic5s$ =mation ag5t provid+ !   
in=mation %all promptly notify 9 writ+ !
 ,/ate "u ! laws ( :i* ! corporation or 
limit$ liability company is =m$ ( !     
id5tity ( ! lic5s$ =mation ag5t receiv+ 
! in=mation4  7#c7 ,c]ta9 b5eficial     
own]s ,if an applicant to =m a          
corporation or limit$ liability company 
or a b5eficial own]1 (fic]1 director1 or
 simil> ag5t ( a corporation or limit$  
liability company :o is requir$ to      
provide id5tification in=mation "u ?is  
subsection does n h a nonexpir$ passport
 issu$ by ! ,unit$ ,/ates or a nonexpir$
 driv]s lic5se or id5tification c>d     
issu$ by a ,/ate1 ea* application       
describ$ 9 p>agraph 7#a77;,a7 & ea*     
update describ$ 9 p>agraph 7#a77;,b7    
%all include a c]tification by a =mation

 ag5t resid+ 9 ! ,/ate t ! =mation      
ag5t--  7,a7 has obta9$ = ea* su* p]son 
a curr5t resid5tial or bus9ess /reet    
address & a legible & cr$ible copy ( !  
pages ( a nonexpir$ passport issu$ by ! 
gov]nm5t ( a =eign c\ntry be>+ a        
photograph1 date ( bir?1 & unique       
id5tify+ in=mation = ! p]son2  7,b7 has 
v]ifi$ ! "n1 address1 & id5tity ( ea*   
su* p]son2  7,c7 w provide ! in=mation  
describ$ 9 subp>agraph 7,a7 & ! pro( (  
v]ification describ$ 9 subp>agraph 7,b7 
^u reque/ "u ! same circum/ances z      
requir$ = ,/ates "u p>agraph 7#a77;,d72 
&  7,d7 w reta9 ! in=mation & pro( (    
v]ification "u ?is p>agraph 9 ! ,/ate 9 
:i* ! corporation or limit$ liability   
company is be+ or has be5 =m$ until !   
end ( ! #e-ye> p]iod beg9n+ on ! date t 
! corporation or limit$ liability       
company t]m9ates "u ! laws ( ! ,/ate4   
7#d7 ,exempt entities  7,a7 ,9 g5]al ,a 
=mation sy/em describ$ 9 p>agraph 7#a7  
%all require t an application = an      
entity describ$ 9 subp>agraph 7,c7 or   

7,d7 ( subsection 7d77#b7 t is propos$  
to be =m$ "u ! laws ( a ,/ate & t w be  
exempt f ! b5eficial own]%ip disclosure 
requirem5ts "u ?is subsection %all      
include 9 ! application a c]tification  
by ! applicant1 or a prospective (fic]1 
director1 or simil> ag5t ( ! entity--   
7i7 id5tify+ ! specific provision (     
subsection 7d77#b7 "u :i* ! entity      
propos$ to be =m$ w\ld be exempt f !    
b5eficial own]%ip disclosure requirem5ts
 "u p>agraphs 7#a71 7#b71 & 7#c72  7ii7 
/at+ t ! entity propos$ to be =m$ meets 
! requirem5ts = an entity describ$ "u   
su* provision ( subsection 7d77#b72 &   
7iii7 provid+ id5tification in=mation = 
! applicant or prospective (fic]1       
director1 or simil> ag5t mak+ !         
c]tification 9 ! same mann] z provid$ "u
 p>agraph 7#a7 or 7#c74  7,b7 ,exi/+    
entities ,on & aft] ! date t is #b ye>s 
aft] ! effective date ( ! am5dm5ts to ! 
=mation sy/em ( a ,/ate made to comply )
 ?is section1 an entity =m$ "u ! laws ( 
! ,/ate be=e su* effective date %all be 

consid]$ to be a corporation or limit$  
liability company = purposes (1 & %all  
be subject to ! requirem5ts (1 ?is      
subsection unless an (fic]1 director1 or
 simil> ag5t ( ! entity submits to !    
,/ate a c]tification--  7i7 id5tify+ !  
specific provision ( subsection 7d77#b7 
"u :i* ! entity is exempt f !           
requirem5ts "u p>agraphs 7#a71 7#b71 &  
7#c72  7ii7 /at+ t ! entity meets !     
requirem5ts = an entity describ$ "u su* 
provision ( subsection 7d77#b72 &  7iii7
 provid+ id5tification in=mation = !    
(fic]1 director1 or simil> ag5t mak+ !  
c]tification 9 ! same mann] z provid$ "u
 p>agraph 7#a7 or 7#c74  7,c7 ,exempt   
entities hav+ own]%ip int]e/ ,if an     
entity describ$ 9 subp>agraph 7,c7 or   
7,d7 ( subsection 7d77#b7 has or w h an 
own]%ip int]e/ 9 a corporation or limit$
 liability company =m$ or to be =m$ "u !
 laws ( a ,/ate1 ! applicant1           
corporation1 or limit$ liability company
 9 :i* ! entity has or w h ! own]%ip    
int]e/ %all provide ! in=mation requir$ 

"u ?is subsection relat+ to ! entity1   
except t ! entity %all n be requir$ to  
provide in=mation reg>d+ any natural    
p]son :o has an own]%ip int]e/ 91       
ex]cises sub/antial control ov]1 or     
receives sub/antial economic b5efits f !
 entity4  7c7 ,p5alties  7#a7 ,9 g5]al  
,x %all be unlawful =--  7,a7 any p]son 
to affect int]/ate or =eign comm]ce by--
  7i7 kn[+ly provid+1 or attempt+ to    
provide1 false or fraudul5t b5eficial   
own]%ip in=mation1 includ+ a false or   
fraudul5t id5tify+ photograph1 to a     
,/ate or lic5s$ =mation ag5t "u ,/ate   
law 9 accordance ) ?is section2  7ii7   
willfully fail+ to provide complete or  
updat$ b5eficial own]%ip in=mation to a 
,/ate or lic5s$ =mation ag5t "u ,/ate   
law 9 accordance ) ?is section2 or      
7iii7 kn[+ly disclos+ ! exi/5ce ( a     
subpo5a1 summons1 or o!r reque/ =       
b5eficial own]%ip in=mation1 except--   
7,i7 to ! ext5t necess>y to fulfill !   
au?oriz$ reque/2 or  7,,ii7 z au?oriz$  
by ! entity t issu$ ! subpo5a1 summons1 

or o!r reque/2 or  7,b7 9 ! case ( a    
=mation ag5t1 kn[+ly fail+ to obta9 or  
ma9ta9 cr$ible1 legible1 & updat$       
b5eficial own]%ip in=mation1 includ+ any
 requir$ id5tify+ photograph4  7#b7     
,civil & crim9al p5alties ,9 addition to
 any civil or crim9al p5alty t may be   
impos$ by a ,/ate1 any p]son :o violates
 p>agraph 7#a7--  7,a7 %all be liable to
 ! ,unit$ ,/ates = a civil p5alty ( n m 
?an #aj1jjj2 &  7,b7 may be f9$ "u title
 #ah1 ,unit$ ,/ates ,code1 imprison$ = n
 m ?an #c ye>s1 or bo?4  7d7 ,def9itions
 ,= ! purposes ( ?is section3  7#a7     
,b5eficial own]  7,a7 ,9 g5]al ,except z
 provid$ 9 subp>agraph 7,b71 ! t]m      
b5eficial own] means a natural p]son :o1
 directly or indirectly--  7i7 ex]cises 
sub/antial control ov] a corporation or 
limit$ liability company2 or  7ii7 has a
 sub/antial int]e/ 9 or receives        
sub/antial economic b5efits f ! assets (
 a corporation or limit$ liability      
company4  7,b7 ,exceptions ,! t]m       
b5eficial own] %all n include--  7i7 a  

m9or *ild2  7ii7 a p]son act+ z a       
nom9ee1 int]m$i>y1 cu/odian1 or ag5t on 
behalf ( ano!r p]son2  7iii7 a p]son    
act+ solely z an employee ( a           
corporation or limit$ liability company 
& ^: control ov] or economic b5efits f !
 corporation or limit$ liability company
 d]ives solely f ! employm5t /atus ( !  
p]son2  7iv7 a p]son ^: only int]e/ 9 a 
corporation or limit$ liability company 
is ?r\gh a "r ( inh]itance1 unless !    
p]son also meets ! requirem5ts (        
subp>agraph 7,a72 or  7v7 a cr$itor ( a 
corporation or limit$ liability company1
 unless ! cr$itor also meets !          
requirem5ts ( subp>agraph 7,a74  7#b7   
,corporation2 limit$ liability company  
,! t]ms corporation & limit$ liability  
company--  7,a7 h ! mean+s giv5 su* t]ms
 "u ! laws ( ! applicable ,/ate2  7,b7  
include any non-,unit$ ,/ates entity    
eligible = regi/ration or regi/]$ to d  
bus9ess z a corporation or limit$       
liability company "u ! laws ( !         
applicable ,/ate2  7,c7 d n include any 

entity t is1 & discloses 9 ! application
 by ! entity to =m "u ! laws ( ! ,/ate  
or1 if ! entity 0 =m$ be=e ! date ( !   
enactm5t ( ?is section1 9 a fil+ ) !    
,/ate "u ,/ate law--  7i7 a bus9ess     
conc]n t is an issu] ( a class (        
securities regi/]$ "u section #ab ( !   
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gha7 or t is requir$ to file 
reports "u section #ae7;d7 ( t ,act 7#ae
 ,u4,s4,c4 #gho7d772  7ii7 a bus9ess    
conc]n con/itut$ or sponsor$ by a ,/ate1
 a political subdivision ( a ,/ate1 "u  
an int]/ate compact betwe5 #b or m      
,/ates1 by a dep>tm5t or ag5cy ( !      
,unit$ ,/ates1 or "u ! laws ( ! ,unit$  
,/ates2  7iii7 a depository in/itution  
7z def9$ 9 section #c ( ! ,f$]al        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahac772  7iv7 a cr$it union 7z def9$ 9 
section #aja ( ! ,f$]al ,cr$it ,union   
,act 7#ab ,u4,s4,c4 #ageb772  7v7 a bank
 hold+ company 7z def9$ 9 section #b ( !
 ,bank ,hold+ ,company ,act ( #aief 7#ab
 ,u4,s4,c4 #ahda772  7vi7 a brok] or    

deal] 7z def9$ 9 section #c ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c77 t is regi/]$ "u       
section #ae ( ! ,securities & ,ex*ange  
,act ( #aicd 7#ae ,u4,s4,c4 #gho72      
7vii7 an ex*ange or cle>+ ag5cy 7z def9$
 9 section #c ( ! ,securities ,ex*ange  
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c77 t is
 regi/]$ "u section #f or #ag;,a ( !    
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;f & #ghq-#a72  7viii7 an  
inve/m5t company 7z def9$ 9 section #c (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#c77 or an inve/m5t     
advisor 7z def9$ 9 section #bjb7aa7 ( ! 
,inve/m5t ,advisors ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;b-#b7aa771 if ! company or
 advis] is regi/]$ ) ! ,securities &    
,ex*ange ,commission1 or has fil$ an    
application = regi/ration :i* has n be5 
d5i$1 "u ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47  
or ! ,inve/m5t ,advisor ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;b-#a et seq472  7ix7 
an insurance company 7z def9$ 9 section 

#b ( ! ,inve/m5t ,company ,act ( #aidj  
7#ae ,u4,s4,c4 #hj;a-#b772  7x7 a       
regi/]$ entity 7z def9$ 9 section #a;a (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #a;a771 or a futures          
commission m]*ant1 introduc+ brok]1     
commodity pool op]ator1 or commodity    
trad+ advisor 7z def9$ 9 section #a;a ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #a;a77 t is regi/]$ ) ! ,commodity     
,futures ,trad+ ,commission2  7xi7 a    
public acc\nt+ firm regi/]$ 9 accordance
 ) section #ajb ( ! ,s>banes-,oxley ,act
 7#ae ,u4,s4,c4 #gbab72  7xii7 a public 
utility t provides telecommunications   
s]vice1 electrical p[]1 natural gas1 or 
wat] & sew] s]vices1 )9 ! ,unit$ ,/ates2
  7xiii7 a *ur*1 *>ity1 or nonpr(it     
entity t is describ$ 9 section #eja7;c71
 #ebg1 or #didg7;a77#a7 ( ! ,int]nal    
,rev5ue ,code ( #aihf1 has n be5 d5i$   
tax exempt /atus1 & has fil$ ! mo/      
rec5tly due annual in=mation return ) ! 
,int]nal ,rev5ue ,s]vice1 if requir$ to 
file su* a return2  7xiv7 any bus9ess   

conc]n t--  7,i7 employs m ?an #bj      
employees on a full "t basis 9 ! ,unit$ 
,/ates2  7,,ii7 files income tax returns
 9 ! ,unit$ ,/ates demon/rat+ m ?an     
#e1jjj1jjj 9 gross receipts or sales2 & 
7,,iii7 has an op]at+ pres5ce at a      
physical (fice )9 ! ,unit$ ,/ates2 or   
7xv7 any corporation or limit$ liability
 company =m$ & own$ by an entity        
describ$ 9 clause 7i71 7ii71 7iii71     
7iv71 7v71 7vi71 7vii71 7viii71 7ix71   
7x71 7xi71 7xii71 7xiii71 or 7xiv72 &   
7,d7 d n include any individual bus9ess 
conc]n or class ( bus9ess conc]ns :i* ! 
,secret>y ( ! ,treasury1 ) ! writt5     
concurr5ce ( ! ,attorney ,g5]al ( !     
,unit$ ,/ates1 has det]m9$ 9 writ+ %\ld 
be exempt f ! requirem5ts ( subsection  
7a71 because requir+ b5eficial own]%ip  
in=mation f ! bus9ess conc]n w\ld n s]ve
 ! public int]e/ & w\ld n assi/ law     
en=cem5t ef=ts to detect1 prev5t1 or    
puni% t]rorism1 money laund]+1 tax      
evasion1 or o!r misconduct4  7#c7       
,=mation ag5t ,! t]m =mation ag5t means 

a p]son :o1 = comp5sation--  7,a7 acts  
on behalf ( ano!r p]son to assi/ 9 !    
=mation ( a corporation or limit$       
liability company "u ! laws ( a ,/ate2  
or  7,b7 pur*ases1 sells1 or transf]s ! 
public records t =m a corporation or    
limit$ liability company4  4  7#b7      
,rulemak+ ,to c>ry out ?is ,act & !     
am5dm5ts made by ?is ,act1 ! ,secret>y (
 ! ,treasury1 9 consultation ) !        
,secret>y ( ,homel& ,security & !       
,attorney ,g5]al ( ! ,unit$ ,/ates1 may 
issue guidance or a rule to--  7,a7     
cl>ify ! def9itions "u section #eccc7;d7
 ( title #ca1 ,unit$ ,/ates ,code1 z    
add$ by p>agraph 7#a72 &  7,b7 specify  
h[ to v]ify b5eficial own]%ip in=mation 
or o!r id5tification in=mation =        
purposes ( su* section #eccc1 includ+   
:e!r ! v]ification proc$ures specifi$ 9 
section #eccc7;b77#c7 %\ld apply to all 
applicants "u section #eccc7;b77#a7 or  
:e!r su* v]ification process %\ld       
require ! not>ization ( signatures4     
7#c7 ,con=m+ am5dm5ts ,title #ca1 ,unit$

 ,/ates ,code1 is am5d$--  7,a7 9       
section #ecba7;a7--  7i7 9 p>agraph     
7#a71 by /rik+ sections #ecad & #ecae   
ea* place x appe>s & ins]t+ sections    
#ecad1 #ecae1 & #eccc2 &  7ii7 9        
p>agraph 7#f71 by ins]t+ 7except section
 #eccc7 aft] sub*apt] ea* place x       
appe>s2 &  7,b7 9 section #ecbb1 by     
/rik+ section #ecae or #ecbd ea* place x
 appe>s & ins]t+ section #ecae1 #ecbd1  
or #eccc4  7#d7 ,table ( cont5ts ,!     
table ( cont5ts ( *apt] #ec ( title #ca1
 ,unit$ ,/ates ,code1 is am5d$ by ins]t+
 aft] ! item relat+ to section #eccb !  
foll[+3  ,sec4 #eccc4 ,transp>5t        
incorporation practices4  4  7#e7       
,re/rictions on public access ,a ,/ate  
may--  7,a7 re/rict public access to all
 or any portion ( ! b5eficial own]%ip   
in=mation provid$ to ! ,/ate z describ$ 
"u section #eccb ( title #ca1 ,unit$    
,/ates ,code1 z add$ by ?is ,act2 &     
7,b7 by /atute1 regulation1 ord]1 or    
int]pretation adopt$ or issu$ by ! ,/ate
 aft] ! date ( enactm5t ( ?is ,act1     

provide = public access to all or any   
portion ( su* in=mation4  7#f7 ,no duty 
( v]ification ,?is ,act & ! am5dm5ts    
made by ?is ,act d n impose any         
obligation on a ,/ate to v]ify ! "n1    
address1 or id5tity ( a b5eficial own]  
^: in=mation is submitt$ to su* ,/ate "u
 section #eccc ( title #ca1 ,unit$      
,/ates ,code1 z add$ by ?is ,act4  7b7  
,fund+ au?orization  7#a7 ,9 g5]al ,to  
c>ry out section #eccc ( title #ca1     
,unit$ ,/ates ,code1 dur+ ! #c-ye> p]iod
 beg9n+ on ! date ( enactm5t ( ?is ,act1
 funds %all be made available to ea*    
,/ate to pay reasonable co/s relat+ to  
compliance ) ! requirem5ts ( su*        
section4  7#b7 ,fund+ s\rces ,to protect
 ! ,unit$ ,/ates aga9/ ! misuse ( ,unit$
 ,/ates corporations & limit$ liability 
companies ) hidd5 own]s1 funds %all be  
provid$ to ea* ,/ate to c>ry out !      
purposes describ$ 9 p>agraph 7#a7 f "o  
or m ( ! foll[+ s\rces3  7,a7 ,^u       
application by a ,/ate1 & )\t fur!r     
appropriation1 ! ,secret>y ( ! ,treasury

 %all make available to ! ,/ate         
unobligat$ balances describ$ 9 section  
#igjc7;g77#d77;,b7 ( title #ca1 ,unit$  
,/ates ,code1 9 ! ,dep>tm5t ( !         
,treasury ,=feiture ,fund e/abli%$ "u   
section #igjc7;a7 ( title #ca1 ,unit$   
,/ates ,code4  7,b7 ,^u application by a
 ,/ate1 aft] consultation ) ! ,secret>y 
( ! ,treasury1 & )\t fur!r              
appropriation1 ! ,attorney ,g5]al ( !   
,unit$ ,/ates %all make available to !  
,/ate excess unobligat$ balances 7z     
def9$ 9 section #ebd7;c77#h77;,d7 (     
title #bh1 ,unit$ ,/ates ,code7 9 !     
,dep>tm5t ( ,ju/ice ,assets ,=feiture   
,fund e/abli%$ "u section #ebd7;c7 (    
title #bh1 ,unit$ ,/ates ,code4  7#c7   
,maximum am\nts  7,a7 ,dep>tm5t ( !     
,treasury ,! ,secret>y ( ! ,treasury may
 n make available to ,/ates a total ( m 
?an #cj1jjj1jjj "u p>agraph 7#b77;,a74  
7,b7 ,dep>tm5t ( ,ju/ice ,! ,attorney   
,g5]al ( ! ,unit$ ,/ates may n make     
available to ,/ates a total ( m ?an     
#aj1jjj1jjj "u p>agraph 7#b77;,b74  7#d7

 ,rulemak+ ,n lat] ?an ! end ( !        
#ahj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury & ! ,attorney ,g5]al %all1    
jo9tly1 issue regulations sett+ =? !    
proc$ures = ,/ates to apply = funds "u  
?is subsection1 includ+ det]m9+ :i*     
,/ate measures %\ld be fund$ to assess1 
plan1 develop1 te/1 or implem5t relevant
 policies1 proc$ures1 or sy/em          
modifications4  7c7 ,compliance ,report 
,no?+ 9 ?is section or ! am5dm5ts made  
by ?is section au?orizes ! ,secret>y ( !
 ,treasury to )hold f a ,/ate any fund+ 
o!rwise available to ! ,/ate because ( a
 failure by t ,/ate to comply ) section 
#eccc ( title #ca1 ,unit$ ,/ates ,code4 
,n lat] ?an ! end ( ! #db-mon? p]iod    
beg9n+ on ! date ( ! enactm5t ( ?is     
,act1 ! ,comptroll] ,g5]al ( ! ,unit$   
,/ates %all submit to ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,homel& ,security & ,gov]nm5tal ,affairs
 ( ! ,s5ate a report--  7#a7 id5tify+   

:i* ,/ates obta9 b5eficial own]%ip      
in=mation z describ$ 9 su* section      
#eccc2  7#b7 ) respect to ea* ,/ate t   
does n obta9 su* in=mation1 :e!r        
corporations & limit$ liability         
companies =m$ "u ! laws ( su* ,/ate are 
9 compliance ) su* section #eccc &      
provid+ ! specifi$ b5eficial own]%ip    
in=mation to ! ,secret>y ( ! ,treasury2 
&  7#c7 :e!r ! ,dep>tm5t ( ! ,treasury  
is 9 compliance ) su* section #eccc &1  
if n1 :at /eps x mu/ take to come into  
compliance ) ?is section4  7d7 ,f$]al   
contractors ,n lat] ?an ! fir/ day ( !  
fir/ full fiscal ye> beg9n+ at lea/ "o  
ye> aft] ! date ( ! enactm5t ( ?is ,act1
 ! ,adm9i/rator = ,f$]al ,procurem5t    
,policy %all revise ! ,f$]al            
,acquisition ,regulation ma9ta9$ "u     
section #acjc7;a77#a7 ( title #da1      
,unit$ ,/ates ,code1 to require any     
contractor :o is subject to ! requirem5t
 to disclose b5eficial own]%ip in=mation
 "u section #eccc ( title #ca1 ,unit$   
,/ates ,code1 to provide ! in=mation    

requir$ to be disclos$ "u su* section to
 ! ,f$]al ,gov]nm5t z "p ( any bid or   
proposal = a contract ) a value ?re%old 
9 excess ( ! simplifi$ acquisition      
?re%old "u section #acd ( title #da1    
,unit$ ,/ates ,code4  7e7 ,anti-,money  
laund]+ obligations ( =mation ag5ts     
7#a7 ,9 g5]al ,section #ecab7;a77#b7 (  
title #ca1 ,unit$ ,/ates ,code1 is      
am5d$--  7,a7 9 subp>agraph 7,y71 by    
/rik+ or at ! end2  7,b7 by r$esignat+  
subp>agraph 7,z7 z subp>agraph 7,,aa72 &
  7,c7 by ins]t+ aft] subp>agraph 7,y7 !
 foll[+3  7,z7 any p]son :o1 =          
comp5sation--  7i7 acts on behalf (     
ano!r p]son to =m1 or assi/ 9 =mation (1
 a corporation or limit$ liability      
company "u ! laws ( a ,/ate2 or  7ii7   
pur*ases1 sells1 or transf]s ! public   
records t =m a corporation or limit$    
liability company2 or  4  7#b7 ,deadl9e 
= anti-money laund]+ rule = =mation     
ag5ts  7,a7 ,propos$ rule ,n lat] ?an   
#abj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y ( ! ,treasury1 9      

consultation ) ! ,attorney ,g5]al ( !   
,unit$ ,/ates & ! ,commission] ( !      
,int]nal ,rev5ue ,s]vice1 %all publi% a 
propos$ rule 9 ! ,f$]al ,regi/] requir+ 
p]sons describ$ 9 section               
#ecab7;a77#b77,z7 ( title #ca1 ,unit$   
,/ates ,code1 z am5d$ by ?is subsection1
 to e/abli% anti-money laund]+ programs 
"u subsection 7h7 ( section #ecah ( t   
title4  7,b7 ,f9al rule ,n lat] ?an #bgj
 days aft] ! date ( enactm5t ( ?is ,act1
 ! ,secret>y ( ! ,treasury %all publi% !
 rule describ$ 9 ?is subsection 9 f9al  
=m 9 ! ,f$]al ,regi/]4  7,c7 ,exclusions
 ,any rule promulgat$ "u ?is subsection 
%all exclude f ! category ( p]sons      
involv$ 9 =m+ a corporation or limit$   
liability company--  7i7 any gov]nm5t   
ag5cy2 &  7ii7 any attorney or law firm 
t uses a paid =mation ag5t op]at+ )9 !  
,unit$ ,/ates to =m ! corporation or    
limit$ liability company4  #d4 ,/udies &
 reports  7a7 ,o!r legal entities ,n    
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ?is ,act1 ! ,comptroll] ,g5]al ( !    

,unit$ ,/ates %all conduct a /udy &     
submit to ! ,congress a report--  7#a7  
id5tify+ ea* ,/ate t has proc$ures t    
enable p]sons to =m or regi/] "u ! laws 
( ! ,/ate p>tn]%ips1 tru/s1 or o!r legal
 entities1 & ! nature ( ^? proc$ures2   
7#b7 id5tify+ ea* ,/ate t requires      
p]sons seek+ to =m or regi/] p>tn]%ips1 
tru/s1 or o!r legal entities "u ! laws (
 ! ,/ate to provide in=mation ab\t !    
b5eficial own]s 7z t t]m is def9$ 9     
section #eccc7;d77#a7 ( title #ca1      
,unit$ ,/ates ,code1 z add$ by ?is ,act7
 or b5efici>ies ( su* entities1 & !     
nature ( ! requir$ in=mation2  7#c7     
evaluat+ :e!r ! lack ( available        
b5eficial own]%ip in=mation = p>tn]%ips1
 tru/s1 or o!r legal entities--  7,a7   
raises conc]ns ab\t ! involvem5t ( su*  
entities 9 t]rorism1 money laund]+1 tax 
evasion1 securities fraud1 or o!r       
misconduct2 &  7,b7 has imp$$           
inve/igations into entities suspect$ (  
su* misconduct2 &  7#d7 evaluat+ :e!r ! 
failure ( ! ,unit$ ,/ates to require    

b5eficial own]%ip in=mation = p>tn]%ips 
& tru/s =m$ or regi/]$ 9 ! ,unit$ ,/ates
 has elicit$ int]national criticism &   
:at /eps1 if any1 ! ,unit$ ,/ates has   
tak5 or is plann+ to take 9 response4   
7b7 ,effectiv5ess ( incorporation       
practices ,n lat] ?an #e ye>s aft] !    
date ( enactm5t ( ?is ,act1 !           
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all conduct a /udy & submit to !       
,congress a report assess+ !            
effectiv5ess ( incorporation practices  
implem5t$ "u ?is ,act & ! am5dm5ts made 
by ?is ,act 9--  7#a7 provid+ law       
en=cem5t ag5cies ) prompt access to     
reliable1 useful1 & complete b5eficial  
own]%ip in=mation2 &  7#b7 /r5g!n+ !    
capability ( law en=cem5t ag5cies to    
combat incorporation abuses1 civil &    
crim9al misconduct1 & detect1 prev5t1 or
 puni% t]rorism1 money laund]+1 tax     
evasion1 or o!r misconduct4