,,ii  #aag? ,,congress  #b;d ,session   
,s4 #djge  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #g1 #bjbb,mr4   
,:iteh\se 7= himself1 ,mr4 ,cassidy1    
,ms4 ,w>r51 & ,mr4 ,wick]7 introduc$ !  
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to prev5t  
money laund]+1 ! f9anc+ ( t]rorism1 or  
o!r =ms ( illicit f9ance ?r\gh ,unit$   
,/ates real e/ate & vehicle             
transactions1 includ+ by ,russian       
olig>*s1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,kleptocrat ,liability = ,excessive     
,prop]ty ,transactions & ,own]%ip ,act  
or ! ,,klepto ,act4  #b4 ,def9itions ,9 
?is ,act3 7#a7 ,adm9i/rator ,! t]m      
,adm9i/rator means ! ,adm9i/rator ( !   
,f$]al ,aviation ,adm9i/ration4  7#b7   
,bank ,secrecy ,act ,! t]m ,bank        
,secrecy ,act means-- 7,a7 section #ba (
 ! ,f$]al ,deposit ,insurance ,act 7#ab 
,u4,s4,c4 #ahbi;b72  7,b7 *apt] #b (    
title ,i ( ,public ,law #ia-ejh 7#ab    

,u4,s4,c4 #aiea et seq472 &  7,c7       
sub*apt] ,,ii ( *apt] #ec ( title #ca1  
,unit$ ,/ates ,code4  7#c7 ,b5eficial   
own] ,! t]m b5eficial own] has ! mean+  
giv5 ! t]m 9 section #eccf7;a7 ( title  
#ca1 ,unit$ ,/ates ,code4  7#d7 ,cov]$  
entity ,! t]m cov]$ entity means a      
non-natural p]son1 association1 or      
arrangem5t1 includ+ any tru/1 p>tn]%ip1 
f\ndation1 corporation1 limit$ liability
 company1 or o!r public or private      
entity4  7#e7 ,director ,! t]m ,director
 means ! ,director ( ,fin,c,e,n4  7#f7  
,fin,c,e,n ,! t]m ,fin,c,e,n means !    
,f9ancial ,crimes ,en=cem5t ,network ( !
 ,dep>tm5t ( ! ,treasury4  7#g7 ,=eign  
p]son ,! t]m =eign p]son means an       
individual :o is n-- 7,a7 a ,unit$      
,/ates p]son2 or  7,b7 an ali5 lawfully 
admitt$ = p]man5t resid5ce into ! ,unit$
 ,/ates4  7#h7 ,real e/ate pr(essional  
,! t]m real e/ate pr(essional-- 7,a7    
means a p]son describ$ 9 section        
#ecab7;a77#b77,u7 ( title #ca1 ,unit$   
,/ates ,code2 &  7,b7 may include a loan

 brok]1 l5d]1 title insurance company1  
title insurance ag5t1 escr[ ag5t1       
develop]1 inve/m5t company1 inve/m5t    
advis]1 real e/ate inve/m5t tru/1 real  
e/ate ag5t1 attorney1 law firm1 or o!r  
f9ancial1 real e/ate1 or legal          
pr(essional4  7#i7 ,secret>y ,! t]m     
,secret>y means ! ,secret>y ( !         
,treasury4  7#aj7 ,/ate ,! t]m ,/ate    
means any ,/ate ( ! ,unit$ ,/ates1 !    
,di/rict ( ,columbia1 ! ,commonweal? (  
,pu]to ,rico1 ! ,commonweal? ( ! ,nor!rn
 ,m>iana ,isl&s1 ,am]ican ,samoa1 ,guam1
 ! ,unit$ ,/ates ,virg9 ,isl&s1 & any   
o!r commonweal?1 t]ritory1 or possession
 ( ! ,unit$ ,/ates4  7#aa7 ,unit$ ,/ates
 p]son ,! t]m ,unit$ ,/ates p]son means 
a natural p]son :o is a citiz5 ( !      
,unit$ ,/ates or :o owes p]man5t        
allegiance to ! ,unit$ ,/ates4  #c4     
,anti-money laund]+ safegu>ds = real    
e/ate transactions  7a7 ,rulemak+ ,n    
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 9 conjunction ) ! au?ority "u
 section #ecah7;a77#b7 ( title #ca1     

,unit$ ,/ates ,code1 ! ,director %all   
issue a f9al rule to gu>d aga9/ money   
laund]+1 ! f9anc+ ( t]rorism1 or o!r =ms
 ( illicit f9ance ?r\gh comm]cial &     
resid5tial real e/ate transactions "u ! 
,bank ,secrecy ,act1 includ+ by-- 7#a7  
requir+ real e/ate pr(essionals to      
collect & report to ! ,director         
b5eficial own]%ip in=mation = ea*       
comm]cial & resid5tial real e/ate       
transaction involv+ real e/ate locat$ 9 
a ,/ate & involv+ a buy] or sell] t is a
 cov]$ entity1 reg>dless ( ! transf]    
price2  7#b7 9 collect+ & report+ !     
in=mation "u p>agraph 7#a71 def9+       
comm]cial or resid5tial real e/ate      
transactions to include direct &        
indirect transf]s ( real e/ate1 includ+ 
?r\gh ! direct or indirect transf] ( !  
own]%ip or control ( a cov]$ entity t   
directly or indirectly owns or controls 
! real e/ate t is ! subject ( !         
transaction2  7#c7 e/abli%+ a sy/em to  
det]m9e :i* real e/ate pr(essionals mu/ 
collect & report ! in=mation "u p>agraph

 7#a72  7#d7 requir+ ! ,director to     
validate ! in=mation report$ "u p>agraph
 7#a72  7#e7 requir+ real e/ate         
pr(essionals report+ in=mation "u       
p>agraph 7#a7 to take reasonable        
measures to v]ify ! accuracy ( !        
in=mation report$ "u ?is subsection2 &  
7#f7 us+ ! def9ition ( b5eficial own] 9 
section #eccf7;a7 ( title #ca1 ,unit$   
,/ates ,code4  7b7 ,report ,n lat] ?an  
#cfj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y %all submit to !      
appropriate congressional committees a  
report on h[ digital l$g] te*nology c be
 implem5t$ to create a tamp]-pro(       
p]man5t record ( direct & indirect      
transf]s ( real e/ate1 includ+ ?r\gh    
direct or indirect transf] ( own]%ip or 
control ( a cov]$ entity t directly or  
indirectly owns or controls ! real e/ate
 t is subject to ! transaction4  7c7    
,anti-,money laund]+ requirem5ts = real 
e/ate pr(essionals ,9 ! rule requir$ "u 
subsection 7a71 ! ,director %all require
 ! #a or m real e/ate pr(essionals      

det]m9$ "u subsection 7a77#c7 to-- 7#a7 
report suspici\s transactions "u section
 #ecah7;g77#a7 ( title #ca1 ,unit$      
,/ates ,code2  7#b7 e/abli% anti-money  
laund]+ programs "u section #ecah7;h7 ( 
title #ca1 ,unit$ ,/ates ,code2  7#c7   
e/abli% cu/om] due dilig5ce policies1   
proc$ures1 & controls "u section        
#ecah7;i7 ( title #ca1 ,unit$ ,/ates    
,code2 &  7#d7 e/abli% writt5 proc$ures 
reasonably design$ to id5tify & v]ify "u
 section #ecah7l7 ( title #ca1 ,unit$   
,/ates ,code1 ! id5tity ( cu/om]s1      
includ+ ! b5eficial own]s ( any cov]$   
entity1 involv$ 9 comm]cial & resid5tial
 real e/ate transactions4  #d4 ,real    
e/ate pilot program  7a7 ,9 g5]al ,n    
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ?is ,act1 ! ,secret>y %all pilot a    
compreh5sive e-gov]nance framework = !  
transp>5cy ( comm]cial & resid5tial real
 e/ate sales & pur*ases 9 ! ,unit$      
,/ates1 :i* %all-- 7#a7 designate a     
pilot locale = ! implem5tation ( ! pilot
 program aft] obta9+ ! cons5t ( !       

relevant ,/ate2 &  7#b7 design a        
cl\d-bas$ di/ribut$ l$g] = real e/ate 9 
! pilot locale1 :i* %all-- 7,a7 consi/ (
 a cl\d-bas$ network = digital gov]nance
 t-- 7i7 provides real-"t integrat$     
in=mation to us]s1 :i* may include      
individuals1 entities1 & gov]nm5ts2 &   
7ii7 all[s us]s to conduct economic &   
o!r activity ?r\gh an int]net website or
 mobile application2  7,b7 be design$ to
 m9imize corruption & maximize          
transp>5cy = p]sons engag$ 9 real e/ate 
transactions1 inve/m5t1 assi/ance1 & any
 o!r activities "u section #c2 &  7,c7  
include ! integration ) o!r sy/ems      
requir$ "u subsection 7b7 & !           
capabilities describ$ 9 subsection 7c74 
7b7 ,integration ) o!r sy/ems ,!        
,secret>y %all design ! framework       
e/abli%$ "u subsection 7a7 to be capable
 ( integration )-- 7#a7 ! ,bank         
,secret>y ,act databases ma9ta9$ by     
,fin,c,e,n1 includ+-- 7,a7 ! b5eficial  
own]%ip in=mation collect$ by ,fin,c,e,n
 "u ,geographic ,t>get+ ,ord]s2  7,b7 ! 

directory ( b5eficial own]%ip in=mation 
collect$ "u section #eccf ( title #ca1  
,unit$ ,/ates ,code2 &  7,c7 any o!r    
,bank ,secrecy ,act database z det]m9$  
by ! ,director2  7#b7 ! sanctions li/s  
ma9ta9$ by ! ,dep>tm5t ( ! ,treasury's  
,(fice ( ,=eign ,assets ,control2  7#c7 
! in=mation ex*ang+ sy/ems ( ! ,egmont  
,gr\p ( ,f9ancial ,intellig5ce ,units2  
7#d7 ! digital bus9ess regi/ry databases
 ( o!r c\ntries2  7#e7 ! real e/ate     
regi/ries ( ,/ates & political          
subdivisions ( ,/ates2  7#f7 ! b5eficial
 own]%ip in=mation collect$ "u section  
#c7;a72 &  7#g7 any o!r sy/em z det]m9$ 
by ! ,secret>y4  7c7 ,o!r requirem5ts   
7#a7 ,op5 s\rce ,! ,secret>y %all ensure
 t ! code us$ = ! framework e/abli%$ "u 
subsection 7a7 is op5 s\rce & capable ( 
be+ audit$4  7#b7 ,multi-l+ual          
functionality ,! ,secret>y %all ensure t
 ! framework e/abli%$ "u subsection 7a7 
is functional 9-- 7,a7 ,engli%1 ,spani%1
 ,fr5*1 & ,portuguese2 &  7,b7 any o!r  
language z det]m9$ by ! ,secret>y4  7#c7

 ,/&>ds ,! ,secret>y %all include 9 !   
framework e/abli%$ "u subsection 7a7    
/&>ds = entities seek+ to create _! own 
e-gov]nance sy/ems4  #e4 ,c]tification (
 aircraft regi/ration  7a7 ,9 g5]al     
,be=e approv+ a c]tificate ( regi/ration
 issu$ "u section #ddajc ( title #di1   
,unit$ ,/ates ,code1 ) a cov]$ entity1 !
 ,adm9i/rator ( ! ,f$]al ,aviation      
,adm9i/ration %all require ! cov]$      
entity to-- 7#a7 id5tify ea* b5eficial  
own] ( ! cov]$ entity by-- 7,a7 "n2     
7,b7 curr5t resid5tial or bus9ess /reet 
address2  7,c7 a unique id5tify+ numb] f
 a nonexpir$ passport issu$ by ! ,unit$ 
,/ates or a nonexpir$ driv]s lic5se     
issu$ by a ,/ate or if nei!r is         
available1 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,d7     
nationality2 &  7,e7 ! make1 model1 &   
s]ial numb] ( ! aircraft to be regi/]$2 
7#b7 9 ! case ( a cov]$ entity t is own$

 or controll$ by m ?an #a entity-- 7,a7 
id5tify h[ ea* entity relates to e o!r  
entity1 includ+-- 7i7 ! ext5t to :i* ea*
 entity holds an own]%ip int]e/ 9 or    
ex]cises control ov] ano!r entity2 &    
7ii7 ! relation%ip ( ea* su* entity ) ! 
b5eficial own]s :o are natural p]sons2 &
  7,b7 id5tify ea* tru/ grantor1 tru/ee1
 tru/ protector1 & b5efici>y ( ! cov]$  
entity t is a =eign p]son2  7#c7 9 !    
case ( a tru/ or association1 id5tify ! 
*a9 ( control )9 ! tru/ or association1 
includ+ ) respect to ! b5eficial own]s1 
any tru/ grantor1 tru/ee1 tru/          
protector1 & b5efici>y1 & any           
association director1 (fic]1 or manag]2 
&  7#d7 disclose to ! ,adm9i/rator any  
b5eficial own] ( ! cov]$ entity t is a  
=eign p]son4  7b7 ,tim+  7#a7 ,9 g5]al  
,! ,adm9i/rator %all require a cov]$    
entity to provide ! in=mation describ$ 9
 subsection 7a7 :5 submitt+ an          
application = aircraft c]tification4    
7#b7 ,exi/+ regi/rants ,= a cov]$ entity
 t submitt$ an application = aircraft   

c]tification prior to enactm5t ( ?is    
,act1 ! ,adm9i/rator %all require !     
cov]$ entity to provide ! in=mation     
describ$ 9 subsection 7a7 9 a new       
submission to ! ,adm9i/rator n lat] ?an 
#ahj days aft] ! date ( enactm5t ( ?is  
,act4  7#c7 ,updates ,! ,adm9i/rator    
%all require a cov]$ entity to update a 
submission ( ! in=mation describ$ 9     
subsection 7a7 n lat] ?an #fj days aft] 
! date ( any *ange 9-- 7,a7 ! li/ (     
b5eficial own]s ( ! cov]$ entity2 or    
7,b7 ! in=mation requir$ to be provid$  
relat+ to ea* su* b5eficial own]4  #f4  
,anti-money laund]+ requirem5ts =       
bus9esses engag$ 9 vehicle sales ,n lat]
 ?an #a ye> aft] ! date ( enactm5t ( ?is
 ,act1 9 conjunction ) ! au?ority "u    
section #ecah7;a77#b7 ( title #ca1      
,unit$ ,/ates ,code1 ! ,secret>y %all   
issue a f9al rule t requires all        
bus9esses describ$ 9 section            
#ecab7;a77#b77,t7 ( title #ca1 ,unit$   
,/ates ,code1 to comply ) ! due dilig5ce
 & report+ requirem5ts applicable to    

f9ancial in/itutions "u sub*apt] ,,ii ( 
*apt] #ec ( title #ca1 ,unit$ ,/ates    
,code1 includ+-- 7#a7 report+ suspici\s 
transactions "u section #ecah7;g77#a7 ( 
title #ca1 ,unit$ ,/ates ,code2  7#b7   
e/abli%+ anti-money laund]+ programs "u 
section #ecah7;h7 ( title #ca1 ,unit$   
,/ates ,code2  7#c7 e/abli%+ cu/om] due 
dilig5ce policies1 proc$ures1 & controls
 "u section #ecah7;i7 ( title #ca1      
,unit$ ,/ates ,code2 &  7#d7 e/abli%+   
writt5 proc$ures reasonably design$ to  
id5tify & v]ify "u section #ecah7l7 (   
title #ca1 ,unit$ ,/ates ,code1 !       
id5tity ( cu/om]s1 includ+ ! b5eficial  
own]s ( any cov]$ entity1 involv$ 9 a   
vehicle sale4  #g4 ,b5eficial own]%ip   
directory ,if an entity =m$ "u ! law ( a
 =eign c\ntry takes own]%ip or control (
 real e/ate locat$ )9 ! ,unit$ ,/ates   
?r\gh a real e/ate transaction c>ri$ out
 by a real e/ate pr(essional subject to 
?is ,act1 & if t entity w\ld h qualifi$ 
z a report+ company "u section          
#eccf7;a77#aa77;,a77ii7 ( title #ca1    

,unit$ ,/ates ,code1 except t a ,/ate   
exempt$ ! entity f a ,/ate regi/ration  
requirem5t because ! only bus9ess ( !   
entity )9 ! ,/ate is to pur*ase or hold 
real e/ate )9 a ,/ate1 t entity %all    
nev]!less be deem$ a report+ company "u 
section #eccf7;a77#aa77;,a77ii7 ( su*   
title & %all file ! reports requir$ "u  
section #eccf7;b7 ( su* title4  #h4     
,applicability ,?is ,act & ! rules issu$
 "u ?is ,act %all apply to b5eficial    
own]s ( cov]$ entities reg>dless ( :e!r 
! cov]$ entity is a report+ company1 z  
def9$ 9 section #eccf7;a7 ( title #ca1  
,unit$ ,/ates ,code4  #i4 ,program co/  
e/imation ,n lat] ?an #abj days aft] !  
date ( enactm5t ( ?is ,act1 ! ,secret>y 
& ! ,adm9i/rator %all ea* submit to     
,congress a co/ e/imate = implem5t+ ?is 
,act4  #aj4 ,effective date ,! effective
 date ( ea* rule issu$ "u ?is ,act %all 
be #a ye> aft] ! date on :i* ! f9al rule
 is issu$4