,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ahhi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ah1 #bjai,mr4   
,:iteh\se 7= himself & ,mr4 ,grassley7  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on !     
,judici>y  ,a ,,bill  ,to ensure t      
p]sons :o =m corporations 9 ! ,unit$    
,/ates disclose ! b5eficial own]s ( ^?  
corporations1 9 ord] to prev5t ! =mation
 ( corporations ) hidd5 own]s1 /op !    
misuse ( ,unit$ ,/ates corporations by  
wrongdo]s1 & assi/ law en=cem5t 9       
detect+1 prev5t+1 & puni%+ t]rorism1    
money laund]+1 tax evasion1 & o!r       
crim9al & civil misconduct involv+      
,unit$ ,/ates corporations1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,true ,incorporation       
,transp>5cy = ,law ,en=cem5t ,act or !  
,,title ,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 ,t]rori/s & o!r 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 support      
t]rori/ organizations1 drug traffick+   
organizations1 & int]national organiz$  
crime gr\ps1 z well z commit misconduct 
affect+ int]/ate & int]national comm]ce 
su* z traffick+ 9 illicit drugs1 illegal
 arms traffick+1 sex traffick+1 money   
laund]+1 tax evasion1 heal? c>e fraud1  
,int]net-bas$ fraud1 securities fraud1  
f9ancial fraud1 intellectual prop]ty    
crimes1 & acts ( corruption4  7#e7      

,among ^? :o h abus$ ,/ate incorporation
 proc$ures is ,victor ,b\t1 a ,russian  
arms deal] :o us$ at lea/ #ab companies 
incorporat$ 9 ,texas1 ,florida1 &       
,delaw>e to c>ry out 8 activities1 & has
 be5 convict$1 9 "p1 = conspir+ to sell 
weapons to a t]rori/ organization try+  
to kill citiz5s ( ! ,unit$ ,/ates &     
,f$]al (fic]s & employees4 ,9 addition1 
,iranian int]e/s us$ a %ell company =m$ 
9 ,new ,york to pur*ase a #cf-/ory      
build+ on ,fif? ,av5ue 9 ,manhattan &   
=w>d$ millions ( doll>s 9 r5t ea* ye> to
 ,iran until au?orities 9 ! ,unit$      
,/ates le>n$ ( ! transf]s & seiz$ !     
build+4  7#f7 ,law en=cem5t ef=ts to    
inve/igate corporations & limit$        
liability companies suspect$ ( wrongdo+ 
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#g7 ,9 ,decemb] #bjaf1 a lead+  
int]national anti-money laund]+ &       
anti-t]rori/ f9anc+ 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 criticiz$ !     
,unit$ ,/ates = fail+ to comply ) a     
,,fatf /&>d on ! ne$ to collect         
b5eficial own]%ip in=mation4 ,! report  
call$ ! ,unit$ ,/ates framework 9 ?is   
area s]i\sly defici5t & urg$ ! ,unit$   
,/ates to correct ?is defici5cy4  7#h7  
,9 response to ! ,,fatf report & to     
/r5g!n measures to protect homel&       
security1 ,f$]al (ficials h repeat$ly   
urg$ ! ,/ates to improve _! =mation     
practices by obta9+ b5eficial own]%ip   
in=mation = ! corporations & limit$     
liability companies =m$ "u ! laws ( su* 
,/ates4 ,b ! ,/ates cont9ue to =m       
millions ( corporations ) hidd5 own]s4  
7#i7 ,_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  7#aj7  
,doz5s ( ,int]net websites highlight !  
anonymity ( b5eficial own]s all[$ "u !  
=mation 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 invit+ t]rori/s & o!r        
wrongdo]s to =m entities )9 ! ,unit$    
,/ates4  7#aa7 ,9 contra/ to practices 9
 ! ,unit$ ,/ates1 c\ntries ar\nd ! _w   
are work+ to collect b5eficial own]%ip  
in=mation4 ,! ,unit$ ,k+dom n[ collects 
b5eficial own]%ip in=mation = all       
companies =m$ "u its laws & makes !     
in=mation available to ! public4 ,all   
#bh c\ntries 9 ! ,european ,union are   
requir$ to create1 ma9ta91 & update     
regi/ries ( ! b5eficial own]%ip         
in=mation ( ! corporations =m$ "u ! laws
 ( ^? c\ntries4 ,! in=mation mu/ be     

freely available to law en=cem5t        
ag5cies1 f9ancial in/itutions1 & ?ird   
p>ties t c demon/rate a legitimate      
int]e/ 9 ! in=mation4 ,afghani/an1      
,ghana1 ,k5ya1 ,nig]ia1 ,s\? ,africa1 ! 
,ukra9e1 & _m o!r c\ntries are 9 !      
process ( e/abli%+ me*anisms to collect 
b5eficial own]%ip in=mation = !         
companies creat$ "u _! laws4  7#ab7 ,to 
r$uce ! vuln]ability ( ! ,unit$ ,/ates  
to wrongdo+ by ,unit$ ,/ates            
corporations & limit$ liability         
companies ) hidd5 own]s1 protect        
int]/ate & int]national comm]ce f       
t]rori/s & o!r crim9als misus+ ,unit$   
,/ates corporations & limit$ liability  
companies1 /r5g!n law en=cem5t          
inve/igations ( suspect corporations &  
limit$ liability companies1 set m9imum  
/&>ds = & level ! play+ field among     
,/ate =mation practices1 & br+ ! ,unit$ 
,/ates into compliance ) int]national   
anti-money laund]+ & anti-t]rori/ f9anc+
 /&>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 ,"p ,e ( title  
,i ( ! ,omnibus ,crime ,control & ,safe 
,/reets ,act ( #aifh 7#cd ,u4,s4,c4     
#ajaea et seq47 is am5d$ by add+ at !   
end ! foll[+3  #d ,transp>5t            
incorporation practices  #eca4          
,transp>5t incorporation practices  7a7 
,incorporation sy/ems  7#a7 ,9 g5]al ,to
 protect ! ,unit$ ,/ates f ! misuse     
affect+ int]/ate or =eign comm]ce (     
corporations & limit$ liability         
companies ) hidd5 own]s1 ea* ,/ate t    
receives fund+ "u subp>t #a %all1 n lat]
 ?an #c ye>s aft] ! date ( enactm5t (   
?is subp>t1 use an incorporation sy/em t
 meets ! foll[+ requirem5ts3  7,a7      
,id5tification ( b5eficial own]s ,except
 z provid$ 9 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 in=mation on ! b5eficial
 own]s ( ! corporation or limit$        
liability company t--  7i7 id5tifies ea*
 b5eficial own] by "n1 curr5t resid5tial
 or bus9ess /reet address1 date ( bir?1 
& a unique id5tify+ numb] f a nonexpir$ 
passport issu$ by ! ,unit$ ,/ates or a  
nonexpir$ driv]s lic5se or id5tification
 c>d issu$ by a ,/ate2  7ii7 if any     
b5eficial own] ex]cises control ov] !   
corporation or limit$ liability company 
?r\gh ano!r legal entity1 su* z a       
corporation1 p>tn]%ip1 or tru/1         
id5tifies ea* su* legal entity & ea* su*
 b5eficial own] :o w use t entity to    
ex]cise control ov] ! corporation or    
limit$ liability company2 &  7iii7 if ! 
applicant is n a 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 submit to !   

,/ate an updat$ li/ ( ! b5eficial own]s 
( ! corporation or limit$ liability     
company & ! in=mation describ$ 9        
subp>agraph 7,a7 = ea* su* b5eficial    
own] n lat] ?an #fj days aft] ! date (  
any *ange 9 ! b5eficial own]s ( !       
corporation or limit$ liability company2
  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 n lat] ?an #cj days  
aft] receipt (--  7i7 a civil1 crim9al1 
or adm9i/rative subpo5a or a summons1 or
 an equival5t ( su* a subpo5a or        
summons1 f a local1 ,/ate1 or ,f$]al    
ag5cy or a congressional committee or   
subcommittee2  7ii7 a writt5 reque/ made
 by a ,f$]al ag5cy on behalf ( ano!r    
c\ntry "u an int]national treaty1       
agreem5t1 or conv5tion1 or 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 
7iii7 a writt5 reque/ made by !         
,f9ancial ,crimes ,en=cem5t ,network ( !
 ,dep>tm5t ( ! ,treasury2 or  7iv7 a    
writt5 reque/ made by a f9ancial        
in/itution1 ) ! cons5t ( ! cu/om]1 =    
purposes ( compliance by ! f9ancial     
in/itution ) cu/om] due dilig5ce        
requirem5ts "u subsections 7a77#b7 &    
7h77#b7 ( section #ecah ( title #ca1    
,unit$ ,/ates ,code1 :i* ! reque/+      
f9ancial in/itution %all ma9ta9 &       
safegu>d 9 accordance ) all applicable  
,f$]al & ,/ate laws relat$ to bank      
records1 & de/roy ^u satisfaction ( ^?  
due dilig5ce requirem5ts1 consi/5t ) all
 applicable ,f$]al & ,/ate laws relat$  
to bank records4  7,e7 ,no be>] %>e     
corporations ,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 ,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  
section 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#c7 ,exempt entities  
7,a7 ,9 g5]al ,an incorporation sy/em   
describ$ 9 p>agraph 7#a7 %all require t 
an application = an entity describ$ 9   
clause 7i7 or 7ii7 ( subsection         
7d77#b77;,b7 t is propos$ to be =m$ "u !
 laws ( a ,/ate & t w be exempt f !     
b5eficial own]%ip disclosure requirem5ts
 "u ?is section %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#b77;,b7 "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#b77;,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#a74  7,b7 ,exi/+ entities   
,on & aft] ! date t is #b ye>s aft] !   
date on :i* a ,/ate beg9s requir+       
b5eficial own]%ip in=mation 9 compliance
 ) ?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 (   
?is subsection unless an (fic]1         
director1 or simil> ag5t ( ! entity     
submits to ! ,/ate a c]tification--  7i7
 id5tify+ ! specific provision (        
subsection 7d77#b77;,b7 "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#b77;,b72
 &  7iii7 provid+ id5tification         
in=mation = ! (fic]1 director1 or simil>

 ag5t mak+ ! c]tification 9 ! same mann]
 z provid$ "u p>agraph 7#a74  7,c7      
,exempt entities ) an own]%ip int]e/ ,z 
"p ( ! b5eficial own]%ip in=mation      
requir$ "u subsection 7a77#a71 nei!r an 
applicant seek+ to =m a corporation or  
limit$ liability company nor a          
corporation or limit$ liability company 
provid+ updat$ in=mation is requir$ to  
id5tify ! b5eficial own]s ( any entity t
 qualifies z an exempt entity "u        
subsection 7d77#b77;,b74  7b7 ,p5alties 
7#a7 ,9 g5]al ,x %all be unlawful = any 
p]son to affect int]/ate or =eign       
comm]ce by fail+ to comply ) ?is subp>t 
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 a     
,/ate or =mation ag5t2  7,b7 willfully  
fail+ to provide complete or updat$     
b5eficial own]%ip in=mation to a ,/ate  
or =mation ag5t2  7,c7 kn[+ly disclos+ !
 exi/5ce ( a subpo5a or summons 7or !   
equival5t ( a subpo5a or summons7 or a  

reque/ = b5eficial own]%ip in=mation    
describ$ 9 subsection 7a77#a77;,d71     
except--  7i7 to ! ext5t necess>y to    
fulfill ! au?oriz$ reque/2 or  7ii7 z   
au?oriz$ by ! entity t issu$ ! reque/   
describ$ 9 subsection 7a77#a77;,d72 or  
7,d7 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       
#a1jjj1jjj2 &  7,b7 may be f9$ "u title 
#ah1 ,unit$ ,/ates ,code1 imprison$ = n 
m ?an #c ye>s1 or bo?4  7c7 ,rules  7#a7
 ,9 g5]al ,to c>ry out ?is subp>t1 !    
,attorney ,g5]al1 ! ,secret>y ( ,homel& 
,security1 & ! ,secret>y ( ! ,treasury  
may issue jo9t guidance or a jo9t rule  
to specify h[ to v]ify b5eficial own]%ip
 or o!r id5tification in=mation provid$ 

"u ?is section1 includ+ "u subsection   
7a77#b74  7#b7 ,limitation ,any guidance
 or rule issu$ "u p>agraph 7#a7-- 7,a7  
may expla9 & cl>ify ! def9ition ( ! t]m 
b5eficial own]2 b  7,b7 may n am5d or   
alt] ! def9ition ( ! t]m b5eficial own] 
?r\gh *anges to ! def9ition directly or 
?r\gh ! mann] ( implem5tation4  7#c7 ,no
 guidance ,a failure to issue guidance  
or a rule "u p>agraph 7#a7 %all n delay 
! effective date ( ! requirem5ts "u ?is 
subp>t4  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 ea* natural p]son :o1 directly or 
indirectly--  7i7 ex]cises sub/antial   
control ov] a corporation or limit$     
liability company ?r\gh own]%ip int]e/s1
 vot+ rights1 agreem5t1 or o!rwise2 or  
7ii7 has a sub/antial int]e/ 9 or       
receives sub/antial economic b5efits f !
 assets ( a corporation or ! assets ( a 
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 or  7iv7 a
 cr$itor ( a corporation or limit$      
liability company1 unless ! cr$itor also
 meets ! requirem5ts ( subp>agraph 7,a74
  7,c7 ,anti-abuse rule ,! exceptions "u
 subp>agraph 7,b7 %all n apply if us$ = 
! purpose ( evad+1 circumv5t+1 or abus+ 
! provisions ( subp>agraph 7,a7 or      
subsection 7a74  7#b7 ,corporation2     
limit$ liability company  7,a7 ,9 g5]al 
,subject to subp>agraph 7,b71 ! t]ms    
corporation & limit$ liability company--
  7i7 h ! mean+s giv5 su* t]ms "u ! laws
 ( ! applicable ,/ate2 &  7ii7 include  
any non-,unit$ ,/ates entity eligible = 
regi/ration or regi/]$ to d bus9ess z a 
corporation or limit$ liability company 

"u ! laws ( ! applicable ,/ate4  7,b7   
,exempt entities ,subject to subsection 
7a77#c71 ! t]ms corporation & limit$    
liability company d n include an entity 
t--  7i7 is-- 7,i7 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  7,,ii7 a bus9ess conc]n      
con/itut$ or sponsor$ by a ,/ate1 a     
political subdivision ( a ,/ate1 "u an  
int]/ate compact betwe5 two or m ,/ates1
 by a dep>tm5t or ag5cy ( ! ,unit$      
,/ates1 "u ! laws ( ! ,unit$ ,/ates1 or 
by an int]national organization ( :i* ! 
,unit$ ,/ates is a memb]2  7,,iii7 a    
depository in/itution 7z def9$ 9 section
 #c ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahac772  7,,iv7 a cr$it 
union 7z def9$ 9 section #aja ( ! ,f$]al
 ,cr$it ,union ,act 7#ab ,u4,s4,c4      
#ageb772  7,v7 a bank hold+ company 7z  
def9$ 9 section #b ( ! ,bank ,hold+     

,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahda772  7,,vi7 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  7,,vii7 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  7,,viii7 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-#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 ,advisor ,act ( #aidj    

7#ae ,u4,s4,c4 #hj;b-#a et seq472       
7,,ix7 an insurance company 7z def9$ 9  
section #b ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#b77 :i* is 
=m$ "u ! laws ( & regulat$ by a ,/ate2  
7,x7 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  7,,xi7 a  
public acc\nt+ firm regi/]$ 9 accordance
 ) section #ajb ( ! ,s>banes-,oxley ,act
 7#ae ,u4,s4,c4 #gbab72  7,,xii7 a      
public utility t provides               
telecommunications s]vice1 electrical   
p[]1 natural gas1 or wat] & sew] s]vices
 )9 ! ,unit$ ,/ates2  7,,xiii7 a        
religi\s in/itution or nonpr(it entity t
 is describ$ 9 section #eja7;c77#c7 or  
#ebg ( ! ,int]nal ,rev5ue ,code ( #aihf2
  7,,xiv7 any bus9ess conc]n t--  7aa7  

employs m ?an #bj employees on a full-"t
 basis 9 ! ,unit$ ,/ates2  7bb7 files   
income tax returns 9 ! ,unit$ ,/ates    
demon/rat+ m ?an #e1jjj1jjj 9 gross     
receipts or sales2  7cc7 has an op]at+  
pres5ce at a physical location )9 !     
,unit$ ,/ates2 &  7dd7 has m ?an #ajj   
%>ehold]s2 or  7,,xv7 any corporation or
 limit$ liability company :i* is own$1 9
 :ole or 9 sub/antial "p1 by an entity  
describ$ 9 subclause 7,i71 7,,ii71      
7,,iii71 7,,iv71 7,v71 7,,vi71 7,,vii71 
7,,viii71 7,,ix71 7,x71 7,,xi71 7,,xii71
 7,,xiii71 or 7,,xiv72 or  7ii7 is )9   
any class ( bus9ess conc]ns :i* !       
,attorney ,g5]al1 ! ,secret>y ( ,homel& 
,security1 & ! ,secret>y ( ! ,treasury  
jo9tly det]m9e 9 writ+1 ^u ! reque/ ( a 
,/ate1 & ?r\gh an ord]1 guidance1 or    
rule %\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% crim9al or     

civil misconduct4  7#c7 ,=mation ag5t ,!
 t]m =mation ag5t means a p]son :o1 =   
comp5sation1 acts on behalf ( ano!r     
p]son to =m1 or assi/ 9 ! =mation1 ( a  
corporation or limit$ liability company 
"u ! laws ( a ,/ate4  4  7b7 ,fund+     
au?orization  7#a7 ,9 g5]al ,to c>ry out
 section #eca ( title ,i ( ! ,omnibus   
,crime ,control & ,safe ,/reets ,act (  
#aifh1 z add$ by ?is ,act1 & to protect 
! ,unit$ ,/ates aga9/ ! misuse affect+  
int]/ate or =eign comm]ce ( corporations
 or limit$ liability companies ) hidd5  
own]s1 dur+ ! #c-ye> p]iod beg9n+ on !  
date ( enactm5t ( ?is ,act1 funds %all  
be made available to ea* ,/ate 7z t t]m 
is def9$ "u section #ija7;a77#b7 ( !    
,omnibus ,crime ,control & ,safe ,/reets
 ,act ( #aifh 7#cd ,u4,s4,c4            
#ajbea7;a77#b7771 to pay reasonable co/s
 to comply ) ! requirem5ts ( su* section
 #eca f "o or m ( ! foll[+ s\rces3  7,a7
 ,^u writt5 reque/ by a ,/ate1 & )\t    
fur!r appropriation1 ! ,attorney ,g5]al 
%all make available or transf] to !     

,/ate funds f 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,b7   
,^u writt5 reque/ by a ,/ate1 aft]      
consultation ) ! ,attorney ,g5]al1 & )\t
 fur!r appropriation1 ! ,secret>y ( !   
,treasury %all make available or transf]
 to ! ,/ate funds f unobligat$ balances 
describ$ 9 section #igje7;g77#d77;,b7 ( 
title #ca1 ,unit$ ,/ates ,code1 9 !     
,dep>tm5t ( ! ,treasury ,=feiture ,fund4
  7#b7 ,eligible co/s ,! ,attorney      
,g5]al & ,secret>y ( ! ,treasury1 9 _!  
sole discretion1 %all det]m9e :at co/s  
are reasonable = purposes ( p>agraph    
7#a71 tak+ into acc\nt ! maximum am\nt (
 funds available = di/ribution to ,/ates
 "u p>agraph 7#c74  7#c7 ,maximum am\nts
  7,a7 ,dep>tm5t ( ,ju/ice ,! ,attorney 
,g5]al may n make available to ,/ates a 
total ( m ?an #aj1jjj1jjj "u p>agraph   
7#a77;,a74  7,b7 ,dep>tm5t ( ! ,treasury

 ,! ,secret>y ( ! ,treasury may n make  
available to ,/ates a total ( m ?an     
#cj1jjj1jjj "u p>agraph 7#a77;,b74  7#d7
 ,fund+ availability ,! am\nts available
 to be provid$ to1 & any am\nts provid$ 
to1 a ,/ate "u p>agraph 7#a7 %all be    
exempt f1 & %all n be r$uc$ "u1 any ord]
 "u section #bea;,a ( ! ,balanc$ ,budget
 & ,em]g5cy ,deficit ,control ,act (    
#aihe 7#b ,u4,s4,c4 #ija;a74  7c7 ,/ate 
compliance report ,no?+ 9 ?is ,act or an
 am5dm5t made by ?is ,act au?orizes !   
,attorney ,g5]al to )hold f a ,/ate any 
fund+ o!rwise available to ! ,/ate "u   
subp>t #a ( "p ,e ( title ,i ( !        
,omnibus ,crime ,control & ,safe ,/reets
 ,act ( #aifh 7#cd ,u4,s4,c4 #ajaea et  
seq47 because ( a failure by t ,/ate to 
comply ) subp>t #d ( "p ,e ( title ,i ( 
! ,omnibus ,crime ,control & ,safe      
,/reets ,act ( #aifh1 z add$ by ?is     
,act4 ,n lat] ?an #db mon?s aft] ! date 
( enactm5t ( ?is ,act1 ! ,comptroll]    
,g5]al ( ! ,unit$ ,/ates %all submit to 
! ,committee on ! ,judici>y ( ! ,s5ate &

 ! ,committee on ! ,judici>y ( ! ,h\se (
 ,repres5tatives a report id5tify+ :i*  
,/ates are 9 compliance ) subp>t #d ( "p
 ,e ( title ,i ( ! ,omnibus ,crime      
,control & ,safe ,/reets ,act ( #aifh &1
 = any ,/ate n 9 compliance1 :at        
measures mu/ be tak5 by t ,/ate to      
a*ieve compliance ) su* subp>t #d4  7d7 
,effect on ,/ate law  7#a7 ,9 g5]al ,?is
 ,act & ! am5dm5ts made by ?is ,act d n 
sup]s$e1 alt]1 or affect any /atute1    
regulation1 ord]1 or int]pretation 9    
effect 9 any ,/ate1 except :]e a ,/ate  
has elect$ to receive fund+ f !         
,dep>tm5t ( ,ju/ice "u subp>t #a ( "p ,e
 ( title ,i ( ! ,omnibus ,crime ,control
 & ,safe ,/reets ,act ( #aifh 7#cd      
,u4,s4,c4 #ajaea et seq471 & !n only to 
! ext5t t su* ,/ate /atute1 regulation1 
ord]1 or int]pretation is inconsi/5t )  
?is ,act or an am5dm5t made by ?is ,act4
  7#b7 ,n inconsi/5t ,a ,/ate /atute1   
regulation1 ord]1 or int]pretation is n 
inconsi/5t ) ?is ,act or an am5dm5t made
 by ?is ,act if su* /atute1 regulation1 

ord]1 or int]pretation--  7,a7 requires 
additional in=mation1 m frequ5tly updat$
 in=mation1 or additional measures to   
v]ify in=mation relat$ to a corporation1
 limit$ liability company1 or b5eficial 
own]1 ?an is specifi$ "u ?is ,act or an 
am5dm5t made by ?is ,act2 or  7,b7      
imposes additional limits on public     
access to ! b5eficial own]%ip in=mation 
obta9$ by ! ,/ate ?an is specifi$ "u ?is
 ,act or an am5dm5t made by ?is ,act4   
7#c7 ,/ate records ,no?+ 9 ?is ,act or !
 am5dm5ts made by ?is ,act limits !     
au?ority ( a ,/ate1 by /atute or        
o!rwise1 to disclose or to n disclose to
 ! public all or any portion ( !        
b5eficial own]%ip in=mation provid$ to !
 ,/ate "u subp>t #d ( "p ,e ( title ,i (
 ! ,omnibus ,crime ,control & ,safe     
,/reets ,act ( #aifh1 z add$ by ?is     
,act4  7#d7 ,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 subp>t #d ( "p ,e (     
title ,i ( ! ,omnibus ,crime ,control & 
,safe ,/reets ,act ( #aifh1 z add$ by   
?is ,act4  7e7 ,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     
bidd] :o is subject to ! requirem5t to  
disclose b5eficial own]%ip in=mation "u 
subp>t #d ( "p ,e ( title ,i ( !        
,omnibus ,crime ,control & ,safe ,/reets
 ,act ( #aifh1 z add$ by ?is ,act1 to   
provide ! in=mation requir$ to be       
disclos$ "u su* subp>t #d to ! ,f$]al   
,gov]nm5t1 or :y x is exempt "u section 
#eca7;d77#b77;,b7 ( title ,i ( !        
,omnibus ,crime ,control & ,safe ,/reets
 ,act ( #aifh1 z add$ by ?is ,act1 z "p 
( any bid or proposal = a contract4  #d4
 ,anti-money laund]+ & anti-t]rori/     
f9anc+ obligations ( =mation ag5ts  7a7 

,anti-,money laund]+ & ,anti-,t]rori/   
f9anc+ obligations ( =mation ag5ts      
,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 engag$ 9 ! bus9ess ( =m+      
corporations or limit$ liability        
companies2 or  4  7b7 ,deadl9e =        
implem5t+ rule = =mation ag5ts  7#a7    
,propos$ rule ,n lat] ?an #abj days aft]
 ! date ( enactm5t ( ?is ,act1 !        
,secret>y ( ! ,treasury1 9 consultation 
) ! ,secret>y ( ,homel& ,security & !   
,attorney ,g5]al1 %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 section1 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 engag$ 9 !
 bus9ess ( =m+ a corporation or limit$  
liability company--  7,a7 any gov]nm5t  
ag5cy2 &  7,b7 any attorney or law firm 
t uses a paid =mation ag5t op]at+ )9 !  
,unit$ ,/ates to =m ! corporation or    
limit$ liability company4  #e4 ,/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 ! ,committee on ! ,judici>y ( 
! ,s5ate & ! ,committee on ! ,judici>y (
 ! ,h\se ( ,repres5tatives a report--   
7#a7 id5tify+ ea* ,/ate t has proc$ures 
t enable p]sons to =m or regi/] "u !    
laws ( ! ,/ate p>tn]%ips1 tru/s1        
*>itable organizations1 or o!r legal    
entities1 & ! nature ( ^? proc$ures2    
7#b7 id5tify+ ea* ,/ate t requires      
p]sons seek+ to =m or regi/] p>tn]%ips1 

tru/s1 *>itable organizations1 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 #eca (     
title ,i ( ! ,omnibus ,crime ,control & 
,safe ,/reets ,act ( #aifh1 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 *>itable organizations1 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 traffick+ 9 illicit   
drugs1 or o!r crim9al or civil          
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]%ips1
 tru/s1 *>itable organizations1 or o!r  
legal entities =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 !       
,committee on ! ,judici>y ( ! ,s5ate & !
 ,committee on ! ,judici>y ( ! ,h\se (  
,repres5tatives 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 abuses & o!r civil 
& crim9al misconduct4