,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #beac  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #c1 #bjai,mrs4   
,c>olyn ,b4 ,maloney ( ,new ,york 7=    
h]self1 ,mr4 ,k+ ( ,new ,york1 & ,mr4   
,mal9[ski7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,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 !         
,corporate ,transp>5cy ,act ( #bjai4    
#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 require 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
 at ! "t ( incorporation ?an is ne$$ to 
obta9 a bank acc\nt or driv]'s lic5se & 
typically does n "n a s+le b5eficial    
own]4  7#d7 ,crim9als h exploit$ ,/ate  
=mation proc$ures to conceal _!         
id5tities :5 =m+ corporations or limit$ 
liability companies 9 ! ,unit$ ,/ates1 &
 h !n us$ ! newly creat$ entities to    
commit crimes affect+ int]/ate &        
int]national comm]ce su* z t]rorism1    
prolif]ation f9anc+1 drug & human       
traffick+1 money laund]+1 tax evasion1  
c\nt]feit+1 piracy1 securities fraud1   
f9ancial fraud1 & acts ( =eign          
corruption4  7#e7 ,law en=cem5t ef=ts to
 inve/igate corporations & limit$       
liability companies suspect$ ( committ+ 
crimes h be5 imp$$ 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 ! ,dep>tm5t ( !      
,treasury1 & ! ,gov]nm5t ,acc\ntability 
,(fice1 & o!rs4  7#f7 ,9 ,july #bjjf1 ! 
lead+ int]national anti-money laund]+   
/&>d-sett+ body1 ! ,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 ,9 ,decemb]   
#bjaf1 ,,fatf issu$ ano!r evaluation ( !
 ,unit$ ,/ates1 :i* f\nd t little       
progress has be5 made ov] ! la/ t5 ye>s 
to address ?is problem4 ,x id5tifi$ !   
lack ( timely access to adequate1       
accurate & curr5t b5eficial own]%ip     
in=mation z a fundam5tal gap 9 ,unit$   
,/ates ef=ts to combat money laund]+ &  
t]rori/ f9ance4  7#g7 ,9 response to !  

#bjjf ,,fatf report1 ! ,unit$ ,/ates has
 urg$ ! ,/ates to obta9 b5eficial       
own]%ip in=mation = ! corporations &    
limit$ liability companies =m$ "u ! laws
 ( su* ,/ates4  7#h7 ,9 contra/ to      
practices 9 ! ,unit$ ,/ates1 all #bh    
c\ntries 9 ! ,european ,union are       
requir$ to h corporate regi/ries t      
include b5eficial own]%ip in=mation4    
7#i7 ,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 a    
cle>1 univ]sal /&>d = ,/ate             
incorporation practices1 & to br+ !     
,unit$ ,/ates into compliance )         
int]national anti-money laund]+ /&>ds1  
,f$]al legislation is ne$$ to require ! 
collection ( b5eficial own]%ip in=mation

 = ! corporations & limit$ liability    
companies =m$ "u ! laws ( su* ,/ates4   
#c4 ,transp>5t incorporation practices  
7a7 ,9 g5]al  7#a7 ,am5dm5t to ! ,bank  
,secrecy ,act ,*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 ,b5eficial own]%ip report+  7,a7 ,9
 g5]al ,ea* applicant to =m a           
corporation or limit$ liability company 
"u ! laws ( a ,/ate or ,indian ,tribe   
%all file a report ) ,fin,c,e,n conta9+ 
a li/ ( ! b5eficial own]s ( !           
corporation or limit$ liability company 
t--  7i7 except z provid$ 9 p>agraph    
7#c71 & subject to p>agraph 7#b71       
id5tifies ea* b5eficial own] by--  7,i7 
full legal "n2  7,,ii7 date ( bir?2     
7,,iii7 curr5t resid5tial or bus9ess    
/reet address2 &  7,,iv7 a unique       
id5tify+ numb] f a non-expir$ passport  
issu$ by ! ,unit$ ,/ates1 a non-expir$  
p]sonal id5tification c>d1 or a         

non-expir$ driv]'s lic5se issu$ by a    
,/ate2 &  7ii7 if ! applicant is n a    
b5eficial own]1 also provides !         
id5tification in=mation describ$ 9      
clause 7i7 relat+ to su* applicant4     
7,b7 ,updat$ in=mation ,ea* corporation 
or limit$ liability company =m$ "u !    
laws ( a ,/ate or ,indian ,tribe %all-- 
7i7 submit to ,fin,c,e,n an annual fil+ 
conta9+ a li/ (-- 7,i7 ! curr5t         
b5eficial own]s ( ! corporation or      
limit$ liability company & ! in=mation  
describ$ 9 subp>agraph 7,a7 = ea* su*   
b5eficial own]2 &  7,,ii7 any *anges 9 !
 b5eficial own]s ( ! corporation or     
limit$ liability company dur+ ! previ\s 
ye>2 &  7ii7 pursuant to any rule issu$ 
by ! ,secret>y ( ! ,treasury "u         
subp>agraph 7,c71 update ! li/ ( !      
b5eficial own]s ( ! corporation or      
limit$ liability company )9 ! "t p]iod  
prescrib$ by su* rule4  7,c7 ,rulemak+  
on updat+ in=mation ,n lat] ?an #i mon?s
 aft] ! completion ( ! /udy requir$ "u  
section #d7;a77#a7 ( ! ,corporate       

,transp>5cy ,act ( #bjai1 ! ,secret>y ( 
! ,treasury %all consid] ! f9d+s ( su*  
/udy &1 if ! ,secret>y det]m9es x to be 
necess>y or appropriate1 issue a rule   
requir+ corporations & limit$ liability 
companies to update ! li/ ( ! b5eficial 
own]s ( ! corporation or limit$         
liability company )9 a specifi$ am\nt ( 
"t aft] ! date ( any *ange 9 ! li/ (    
b5eficial own]s or ! in=mation requir$  
to be provid$ relat+ to ea* b5eficial   
own]4  7,d7 ,/ate & ,indian ,tribe      
notification ,ea* ,/ate & ,indian ,tribe
 9 :i* a corporation or limit$ liability
 company is be+ =m$ %all notify ea*     
applicant ( ! requirem5ts li/$ 9        
subp>agraphs 7,a7 & 7,b74  7#b7 ,c]ta9  
b5eficial own]s ,if an applicant to =m a
 corporation or limit$ liability company
 or a b5eficial own]1 or simil> ag5t ( a
 corporation or limit$ liability company
 :o is requir$ to provide id5tification 
in=mation "u ?is subsection1 does n h a 
non-expir$ passport issu$ by ! ,unit$   
,/ates1 a non-expir$ p]sonal            

id5tification c>d1 or a non-expir$      
driv]'s lic5se issu$ by a ,/ate1 ea* su*
 p]son %all provide to ,fin,c,e,n ! full
 legal "n1 curr5t resid5tial or bus9ess 
/reet address1 a unique id5tify+ numb] f
 a non-expir$ passport issu$ by a =eign 
gov]nm5t1 & a legible & cr$ible copy ( !
 pages ( a non-expir$ passport issu$ by 
! gov]nm5t ( a =eign c\ntry be>+ a      
photograph1 date ( bir?1 & unique       
id5tify+ in=mation = ea* b5eficial own]1
 & ea* application describ$ 9 p>agraph  
7#a77;,a7 & ea* update describ$ 9       
p>agraph 7#a77;,b7 %all include a writt5
 c]tification by a p]son resid+ 9 !     
,/ate or ,indian c\ntry "u !            
jurisdiction ( ! ,indian ,tribe =m+ !   
entity t ! applicant1 corporation1 or   
limit$ liability company--  7,a7 has    
obta9$ = ea* su* b5eficial own]1 a      
curr5t resid5tial or bus9ess /reet      
address & a legible & cr$ible copy ( !  
pages ( a non-expir$ 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$ ! full legal "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/ ( ,fin,c,e,n2
 &  7,d7 w reta9 ! in=mation & pro( (   
v]ification "u ?is p>agraph until ! end 
( ! #e-ye> p]iod beg9n+ on ! date t !   
corporation or limit$ liability company 
t]m9ates "u ! laws ( ! ,/ate or ,indian 
,tribe4  7#c7 ,exempt entities  7,a7 ,9 
g5]al ,) respect to an applicant to =m a
 corporation or limit$ liability company
 "u ! laws ( a ,/ate or ,indian ,tribe1 
if su* entity is describ$ 9 subp>agraph 
7,c7 or 7,d7 ( subsection 7d77#d7 & w be
 exempt f ! b5eficial own]%ip disclosure
 requirem5ts "u ?is subsection1 su*     
applicant1 or a prospective (fic]1      
director1 or simil> ag5t ( ! applicant1 
%all file a writt5 c]tification )       
,fin,c,e,n--  7i7 id5tify+ ! specific   
provision ( subsection 7d77#d7 "u :i* ! 
entity propos$ to be =m$ w\ld be exempt 

f ! b5eficial own]%ip disclosure        
requirem5ts "u p>agraphs 7#a7 & 7#b72   
7ii7 /at+ t ! entity propos$ to be =m$  
meets ! requirem5ts = an entity describ$
 "u su* provision ( subsection 7d77#d72 
&  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#b74  7,b7 ,exi/+    
corporations or limit$ liability        
companies ,on & aft] ! date t is #b ye>s
 aft] ! f9al regulations are issu$ to   
c>ry out ?is section1 a corporation or  
limit$ liability company =m$ "u ! laws (
 ! ,/ate or ,indian ,tribe be=e su* date
 %all be subject to ! requirem5ts ( ?is 
subsection unless an (fic]1 director1 or
 simil> ag5t ( ! entity submits to      
,fin,c,e,n a writt5 c]tification--  7i7 
id5tify+ ! specific provision (         
subsection 7d77#d7 "u :i* ! entity is   
exempt f ! requirem5ts "u p>agraphs 7#a7
 & 7#b72  7ii7 /at+ t ! entity meets !  
requirem5ts = an entity describ$ "u su* 

provision ( subsection 7d77#d72 &  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#b74  7,c7 ,exempt   
entities hav+ own]%ip int]e/ ,if an     
entity describ$ 9 subp>agraph 7,c7 or   
7,d7 ( subsection 7d77#d7 has or w h an 
own]%ip int]e/ 9 a corporation or limit$
 liability company =m$ or to be =m$ "u !
 laws ( a ,/ate or ,indian ,tribe1 !    
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  7#d7      
,ret5tion & disclosure ( b5eficial      
own]%ip in=mation by ,fin,c,e,n  7,a7   
,ret5tion ( in=mation ,b5eficial own]%ip
 in=mation relat+ to ea* corporation or 

limit$ liability company =m$ "u ! laws (
 ! ,/ate or ,indian ,tribe %all be      
ma9ta9$ by ,fin,c,e,n until ! end ( !   
#e-ye> p]iod 7or su* o!r p]iod ( "t z ! 
,secret>y ( ! ,treasury may1 by rule1   
det]m9e7 beg9n+ on ! date t !           
corporation or limit$ liability company 
t]m9ates4  7,b7 ,disclosure ( in=mation 
,b5eficial own]%ip in=mation report$ to 
,fin,c,e,n pursuant to ?is section %all 
be provid$ by ,fin,c,e,n only ^u receipt
 (--  7i7 subject to subp>agraph 7,c71 a
 reque/1 ?r\gh appropriate protocols1 by
 a local1 ,tribal1 ,/ate1 or ,f$]al law 
en=cem5t ag5cy2  7ii7 a reque/ made by a
 ,f$]al ag5cy on behalf ( a law en=cem5t
 ag5cy ( ano!r c\ntry "u an int]national
 treaty1 agreem5t1 or conv5tion1 or an  
ord] "u section #ceab ( title #ah or    
section #aghb ( title #bh2 or  7iii7 a  
reque/ made by a f9ancial in/itution1 ) 
cu/om] cons5t1 z "p ( ! in/itution's    
compliance ) due dilig5ce requirem5ts   
impos$ "u ! ,bank ,secrecy ,act1 ! ,,usa
 ,,patriot ,act1 or o!r applicable      

,f$]al1 ,/ate1 or ,tribal law4  7,c7    
,appropriate protocols  7i7 ,privacy ,! 
protocols describ$ 9 subp>agraph 7,b77i7
 %all protect ! privacy ( any b5eficial 
own]%ip in=mation provid$ by ,fin,c,e,n 
to a local1 ,tribal1 ,/ate1 or ,f$]al   
law en=cem5t ag5cy4  7ii7 ,limitation on
 use ,b5eficial own]%ip in=mation       
provid$ to a local1 ,tribal1 ,/ate1 or  
,f$]al law en=cem5t ag5cy "u ?is        
p>agraph may only be us$ = law en=cem5t1
 national security1 or intellig5ce      
purposes4  7b7 ,no be>] %>e corporations
 or limit$ liability companies ,a       
corporation or limit$ liability company 
=m$ "u ! laws ( a ,/ate or ,indian      
,tribe may n issue a c]tificate 9 be>]  
=m evid5c+ ei!r a :ole or fractional    
int]e/ 9 ! corporation or limit$        
liability company4  7c7 ,p5alties  7#a7 
,9 g5]al ,x %all be unlawful = any p]son
 to affect int]/ate or =eign comm]ce    
by-- 7,a7 kn[+ly provid+1 or attempt+ to
 provide1 false or fraudul5t b5eficial  
own]%ip in=mation1 includ+ a false or   

fraudul5t id5tify+ photograph1 to       
,fin,c,e,n 9 accordance ) ?is section2  
7,b7 willfully fail+ to provide complete
 or updat$ b5eficial own]%ip in=mation  
to ,fin,c,e,n 9 accordance ) ?is        
section2 or  7,c7 kn[+ly disclos+ !     
exi/5ce ( a subpo5a or o!r reque/ =     
b5eficial own]%ip in=mation report$     
pursuant to ?is section1 except--  7i7  
to ! ext5t necess>y to fulfill !        
au?oriz$ reque/2 or  7ii7 z au?oriz$ by 
! entity t issu$ ! subpo5a1 or o!r      
reque/4  7#b7 ,civil & crim9al p5alties 
,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  7#c7 ,limitation ,any    
p]son :o neglig5tly violates p>agraph   
7#a7 %all n be subject to civil or      
crim9al p5alties "u p>agraph 7#b74  7#d7
 ,waiv] ,! ,secret>y ( ! ,treasury may  
waive ! p5alty = violat+ p>agraph 7#a7  
if ! ,secret>y det]m9es t ! violation 0 

due to reasonable cause & 0 n due to    
willful neglect4  7#e7 ,crim9al p5alty =
 ! misuse or unau?oriz$ disclosure (    
b5eficial own]%ip in=mation ,! crim9al  
p5alties provid$ = "u section #ecbb %all
 apply to a violation ( ?is section to !
 same ext5t z su* crim9al p5alties apply
 to a violation describ$ 9 section      
#ecbb1 if ! violation ( ?is section     
consi/s ( ! misuse or unau?oriz$        
disclosure ( b5eficial own]%ip          
in=mation4  7d7 ,def9itions ,= !        
purposes ( ?is section3 7#a7 ,applicant 
,! t]m applicant means any natural p]son
 :o files an application to =m a        
corporation or limit$ liability company 
"u ! laws ( a ,/ate or ,indian ,tribe4  
7#b7 ,bank ,secrecy ,act ,! t]m ,bank   
,secrecy ,act means-- 7,a7 section #ba (
 ! ,f$]al ,deposit ,insurance ,act2     
7,b7 *apt] #b ( title ,i ( ,public ,law 
#ia-ejh2 &  7,c7 ?is sub*apt]4  7#c7    
,b5eficial own]  7,a7 ,9 g5]al ,except z
 provid$ 9 subp>agraph 7,b71 ! t]m      
b5eficial own] means a natural p]son :o1

 directly or indirectly1 ?r\gh any      
contract1 arrangem5t1 und]/&+1          
relation%ip1 or o!rwise--  7i7 ex]cises 
sub/antial control ov] a corporation or 
limit$ liability company2  7ii7 owns #be
 p]c5t or m ( ! equity int]e/s ( a      
corporation or limit$ liability company2
 or  7iii7 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 *ild1 z def9$ 9 ! 
,/ate or ,indian ,tribe 9 :i* ! entity  
is =m$2  7ii7 a p]son act+ z a nom9ee1  
int]m$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]itance2  7v7 a cr$itor ( a         
corporation or limit$ liability company1

 unless ! cr$itor also meets !          
requirem5ts ( subp>agraph 7,a72 or  7vi7
 a p]son ^: own]%ip int]e/ is bel[ a de 
m9imis ?re%old t ! ,secret>y ( !        
,treasury %all1 by rule1 e/abli%4  7,c7 
,sub/antial economic b5efits def9$  7i7 
,9 g5]al ,= purposes ( subp>agraph      
7,a77ii71 a natural p]son receives      
sub/antial economic b5efits f ! assets (
 a corporation or limit$ liability      
company if ! p]son has an entitlem5t to 
m ?an a specifi$ p]c5tage ( ! funds or  
assets ( ! corporation or limit$        
liability company1 :i* ! ,secret>y ( !  
,treasury %all1 by rule1 e/abli%4  7ii7 
,rulemak+ crit]ia ,9 e/abli%+ ! p]c5tage
 "u clause 7i71 ! ,secret>y ( !         
,treasury %all seek to-- 7,i7 provide   
cl>ity to corporations & limit$         
liability companies ) respect to !      
id5tification & disclosure ( a natural  
p]son :o receives sub/antial economic   
b5efits f ! assets ( a corporation or   
limit$ liability company2 &  7,,ii7     
id5tify ^? natural p]sons :o1 z a result

 ( ! sub/antial economic b5efits !y     
receive f ! assets ( a corporation or   
limit$ liability company1 ex]cise a     
dom9ant influ5ce ov] su* corporation or 
limit$ liability company4  7#d7         
,corporation2 limit$ liability company  
,! t]ms corporation & limit$ liability  
company-- 7,a7 h ! mean+s giv5 su* t]ms 
"u ! laws ( ! applicable ,/ate or       
,indian ,tribe2  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 ,/ate or       
,indian ,tribe2  7,c7 d n include any   
entity t is-- 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$1 sponsor$1 or *>t]$ by a ,/ate
 or ,indian ,tribe1 a political         
subdivision ( a ,/ate or ,indian ,tribe1

 "u an int]/ate compact betwe5 two 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     
advis] 7z def9$ 9 section #bjb7aa7 ( !  
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#b7aa7771 if ! company  
or advis] is regi/]$ ) ! ,securities &  
,ex*ange ,commission1 or has fil$ an    
application = regi/ration :i* has n be5 
d5i$1 "u ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47  
or ! ,inve/m5t ,advis] ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;b-#a et seq472  7ix7 an  
insurance company 7z def9$ 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    

#gbab7 or an entity controll+1 controll$
 by1 or "u common control ( su* a firm2 
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 nonpr(it entity1 or o!r    
organization t is describ$ 9 section    
#eja7;c71 #ebg1 or #didg7;a77#a7 ( !    
,int]nal ,rev5ue ,code ( #aihf1 t has n 
be5 d5i$ tax exempt /atus1 & t 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 ( !     
,treasury & ! ,attorney ,g5]al ( !      
,unit$ ,/ates h jo9tly det]m9$1 by rule 
( o!rwise1 to be exempt f ! requirem5ts 
( subsection 7a71 if ! ,secret>y & !    
,attorney ,g5]al jo9tly det]m9e t       
requir+ b5eficial own]%ip in=mation f ! 
bus9ess conc]n w\ld n s]ve ! public     
int]e/ & w\ld n assi/ law en=cem5t ef=ts
 to detect1 prev5t1 or prosecute        
t]rorism1 money laund]+1 tax evasion1 or
 o!r misconduct4  7#e7 ,f9c5 ,! t]m     
,fin,c,e,n means ! ,f9ancial ,crimes    
,en=cem5t ,network ( ! ,dep>tm5t ( !    
,treasury4  7#f7 ,indian c\ntry ,! t]m  
,indian c\ntry has ! mean+ giv5 t t]m 9 
section #aaea ( title #ah4  7#g7 ,indian
 tribe ,! t]m ,indian ,tribe has ! mean+
 giv5 t t]m "u section #ajb ( ! ,f$]ally
 ,recogniz$ ,indian ,tribe ,li/ ,act (  
#aiid4  7#h7 ,p]sonal id5tification c>d 
,! t]m p]sonal id5tification c>d means  

an id5tification docum5t issu$ by a     
,/ate1 ,indian ,tribe1 or local gov]nm5t
 to an individual solely = ! purpose (  
id5tification ( t individual4  7#i7     
,/ate ,! t]m ,/ate means any ,/ate1     
commonweal?1 t]ritory1 or possession ( !
 ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 
! ,commonweal? ( ,pu]to ,rico1 !        
,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1
 ,am]ican ,samoa1 ,guam1 or ! ,unit$    
,/ates ,virg9 ,isl&s4  4  7#b7 ,rulemak+
  7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] 
! date ( enactm5t ( ?is ,act1 !         
,secret>y ( ! ,treasury %all issue      
regulations to c>ry out ?is ,act & !    
am5dm5ts made by ?is ,act1 includ+1 to !
 ext5t necess>y1 to cl>ify ! def9itions 
9 section #eccc7;d7 ( title #ca1 ,unit$ 
,/ates ,code4  7,b7 ,revision ( f9al    
rule ,n lat] ?an #a ye> aft] ! date (   
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury %all revise ! f9al rule titl$ 
,cu/om] ,due ,dilig5ce ,requirem5ts =   
,f9ancial ,in/itutions 7,may #aa1 #bjaf2
 #ha ,f$4 ,reg4 #bicig7 to--  7i7 br+ ! 

rule into con=mance ) ?is ,act & !      
am5dm5ts made by ?is ,act2  7ii7 acc\nt 
= f9ancial in/itutions' access to       
compreh5sive b5eficial own]%ip in=mation
 fil$ by corporations & limit$ liability
 companies1 "u ?reat ( civil & crim9al  
p5alties1 "u ?is ,act & ! am5dm5ts made 
by ?is ,act2 &  7iii7 r$uce any burd5s  
on f9ancial in/itutions t are1 9 light (
 ! enactm5t ( ?is ,act & ! am5dm5ts made
 by ?is ,act1 unnecess>y or duplicative4
  7#c7 ,con=m+ am5dm5ts ,title #ca1     
,unit$ ,/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  7b7 ,fund+ 
au?orization  7#a7 ,9 g5]al ,to c>ry out
 section #eccc ( title #ca1 ,unit$      
,/ates ,code1 z add$ by subsection 7a71 
funds %all be made available to !       
,f9ancial ,crimes ,en=cem5t ,network 79 
?is subsection ref]r$ to z ,fin,c,e,n7  
to pay reasonable co/s relat+ to        
compliance ) ! requirem5ts ( su*        
section4  7#b7 ,fund+ s\rces ,funds %all
 be provid$ to ,fin,c,e,n to c>ry out ! 
purposes describ$ 9 p>agraph 7#a7 f "o  
or m ( ! foll[+ s\rces3  7,a7 ,^u       
application by ,fin,c,e,n1 & )\t fur!r  
appropriation1 ! ,secret>y ( ! ,treasury
 %all make available to ! ,fin,c,e,n    
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  
,fin,c,e,n1 aft] consultation ) !       

,secret>y ( ! ,treasury1 & )\t fur!r    
appropriation1 ! ,attorney ,g5]al ( !   
,unit$ ,/ates %all make available to    
,fin,c,e,n 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 ,fin,c,e,n 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 ,fin,c,e,n a total ( 
m ?an #aj1jjj1jjj "u p>agraph 7#b77;,b74
  7c7 ,f$]al contractors ,n lat] ?an !  
fir/ day ( ! fir/ full fiscal ye> beg9n+
 at lea/ #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,adm9i/rator = ,f$]al    
,procurem5t ,policy %all revise ! ,f$]al
 ,acquisition ,regulation ma9ta9$ "u    
section #acjc7;a77#a7 ( title #da1      
,unit$ ,/ates ,code1 to require any     

contractor or subcontractor :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  #d4 ,/udies & reports  7a7      
,updat+ ( b5eficial own]%ip in=mation   
7#a7 ,/udy ,! ,secret>y ( ! ,treasury1 9
 consultation ) ! ,attorney ,g5]al ( !  
,unit$ ,/ates1 %all conduct a /udy to   
evaluate--  7,a7 ! necessity ( a        
requirem5t = corporations & limit$      
liability companies to update ! li/ ( _!
 b5eficial own]s )9 a specifi$ am\nt (  
"t aft] ! date ( any *ange 9 ! li/ (    
b5eficial own]s or ! in=mation requir$  
to be provid$ relat+ to ea* b5eficial   
own]1 tak+ into acc\nt ! annual fil+s   
requir$ "u section #eccc7;a77#a77;,b77i7
 ( title #ca1 ,unit$ ,/ates ,code1 & !  

in=mation conta9$ 9 su* annual fil+s2 & 
7,b7 ! burd5 t a requirem5t to update ! 
li/ ( b5eficial own]s )9 a specifi$     
p]iod ( "t aft] a *ange 9 su* li/ (     
b5eficial own]s w\ld impose on          
corporations & limit$ liability         
companies4  7#b7 ,report ,n lat] ?an #a 
ye> aft] ! date ( enactm5t ( ?is ,act1 !
 ,secret>y ( ! ,treasury %all submit a  
report on ! /udy requir$ "u p>agraph    
7#a7 to ! ,committee on ,f9ancial       
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate  7#c7 ,public comm5t
 ,! ,secret>y ( ! ,treasury %all seek & 
consid] public input1 comm5ts1 & data 9 
ord] to conduct ! /udy requir$ "u       
subp>agraph p>agraph 7#a74  7b7 ,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 or ,indian ,tribe t has proc$ures 
t enable p]sons to =m or regi/] "u !    

laws ( ! ,/ate or ,indian ,tribe        
p>tn]%ips1 tru/s1 or o!r legal entities1
 & ! nature ( ^? proc$ures2  7#b7       
id5tify+ ea* ,/ate or ,indian ,tribe t  
requires p]sons seek+ to =m or regi/]   
p>tn]%ips1 tru/s1 or o!r legal entities 
"u ! laws ( ! ,/ate or ,indian ,tribe to
 provide in=mation ab\t ! b5eficial     
own]s 7z t t]m is def9$ 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  7c7         
,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
  #e4 ,def9itions ,9 ?is ,act1 ! t]ms   
b5eficial own]1 corporation1 & limit$   
liability company h ! mean+ giv5 ^?     
t]ms1 respectively1 "u section #eccc7;d7
 ( title #ca1 ,unit$ ,/ates ,code4