,,ii #aai? ,,congress #a/ ,session ,s4 #aiie ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #i1 #bjbe ,mr4 ,m>key 7= himself1 ,ms4 ,w>r51 & ,mr4 ,:iteh\se7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to require ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network & ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration to ent] into a memor&um ( und]/&+ to ensure ! dissem9ation ( cov]$ in=mation1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,fin,c,e,n-,,sba ,coord9ation on ,b5eficial ,own]%ip ,regi/ration ,act4 #b4 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 malign actors seek to conceal _! own]%ip ( corporations1 limit$ liability companies1 or o!r simil> entities 9 ! ,unit$ ,/ates to facilitate illicit activity1 includ+ money laund]+1 ! f9anc+ ( t]rorism1 prolif]ation f9anc+1 s]i\s tax fraud1 human & drug traffick+1 c\nt]feit+1 piracy1 securities fraud1 f9ancial fraud1 & acts ( =eign corruption1 h>m+ ! national security int]e/s ( ! ,unit$ ,/ates & allies ( ! ,unit$ ,/ates2 7#b7 ,f$]al legislation provid+ = ! collection ( b5eficial own]%ip in=mation = corporations1 limit$ liability companies1 or o!r simil> entities =m$ "u ! laws ( ! ,/ates is ne$$ to-- 7,a7 set a cle>1 ,f$]al /&>d = incorporation practices2 7,b7 protect vital ,unit$ ,/ates national security int]e/s2 7,c7 protect int]/ate & =eign comm]ce2 7,d7 bett] enable critical national security1 intellig5ce1 & law en=cem5t ef=ts to c\nt] money laund]+1 ! f9anc+ ( t]rorism1 & o!r illicit activity2 & 7,e7 br+ ! ,unit$ ,/ates into compliance ) int]national anti-money laund]+ & c\nt]+ ! f9anc+ ( t]rorism /&>ds2 7#c7 ,f$]al legislation provid+ = ! collection ( b5eficial own]%ip in=mation is ne$$ to protect critical law en=cem5t & national security ef=ts2 7#d7 ! ,secret>y ( ! ,treasury & ! ,adm9i/rator %\ld "w ) small bus9ess conc]ns & o!r report+ companies to provide cl>ity & m9imize burd5s on !m :ile /ill g5]at+ a highly useful database2 7#e7 an ov]:elm+ bip>tisan majority ( ,congress codifi$ ! provisions ( p>agraphs 7#a7 ?r\gh 7#d7 9 ! enactm5t ( ! ,corporate ,transp>5cy ,act 7title ,,lxiv ( division ,f ( ! ,william ,m4 7,mac7 ,?ornb]ry ,national ,def5se ,au?orization ,act = ,fiscal ,ye> #bjba 7,public ,law #aaf-bhc2 #acd ,/at4 #dfjd772 & 7#f7 full implem5tation ( ! ,corporate ,transp>5cy ,act is critical to fur!r ! provisions ( p>agraphs 7#a7 ?r\gh 7#d74 #c4 ,def9itions ,9 ?is ,act3 7#a7 ,adm9i/ration2 ,adm9i/rator ,! t]ms ,adm9i/ration & ,adm9i/rator mean ! ,small ,bus9ess ,adm9i/ration & ! ,adm9i/rator !re(1 respectively4 7#b7 ,b5eficial own]%ip requirem5ts ,! t]m b5eficial own]%ip requirem5ts means ! requirem5ts "u section #eccf ( title #ca1 ,unit$ ,/ates ,code4 7#c7 ,cov]$ ag5cies ,! t]m cov]$ ag5cies means ,fin,c,e,n & ! ,adm9i/ration4 7#d7 ,cov]$ in=mation ,! t]m cov]$ in=mation means in=mation develop$ by ,fin,c,e,n reg>d+ ! b5eficial own]%ip in=mation report+ requirem5ts "u section #eccf ( title #ca1 ,unit$ ,/ates ,code4 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 describ$ 9 section #caj ( title #ca1 ,unit$ ,/ates ,code4 7#g7 ,report+ company ,! t]m report+ company has ! mean+ giv5 ! t]m 9 section #eccf ( title #ca1 ,unit$ ,/ates ,code4 7#h7 ,res\rce p>tn] ,! t]m res\rce p>tn] means-- 7,a7 a small bus9ess developm5t c5t]2 7,b7 a wom5's bus9ess c5t] describ$ 9 section #bi ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fef72 & 7,c7 ,vet]an ,bus9ess ,outrea* ,c5t]s describ$ 9 section #cb ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;b74 7#i7 ,small bus9ess conc]n2 small bus9ess developm5t c5t] ,! t]ms small bus9ess conc]n & small bus9ess developm5t c5t] h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 #d4 ,memor&um ( und]/&+ to ensure ! dissem9ation ( cov]$ in=mation 7a7 ,meet+ ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator & ! ,director %all meet to discuss ! cont5ts ( ! memor&um ( und]/&+ requir$ by subsection 7b74 7b7 ,memor&um ( und]/&+ ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator & ! ,director %all ent] into a writt5 memor&um ( und]/&+ to jo9tly c>ry out ! foll[+ activities3 7#a7 ,dissem9at+ cov]$ in=mation to report+ companies & trade associations & o!r entities t repres5t small bus9ess conc]ns1 includ+ dissem9ation ?r\gh res\rce p>tn]s ( ! ,adm9i/ration4 7#b7 ,ensur+ cov]$ in=mation is made available 9 ,engli%1 ,spani%1 & any additional languages z jo9tly det]m9$ by ! ,director & ! ,adm9i/rator4 7#c7 ,ensur+ t ! homepage ( ! website ( ! ,adm9i/ration includes a l9k to ! relevant webpages ( ,fin,c,e,n relat+ to b5eficial own]%ip requirem5ts & regi/ration = report+ companies4 7#d7 ,implem5t+ a plan to id5tify & c\nt] scams or o!r fraudul5t s*emes relat$ to1 or purport+ to be1 b5eficial own]%ip report+1 & to educate report+ companies & trade associations & o!r entities t repres5t small bus9ess conc]ns ab\t su* scams or fraudul5t s*emes4 7#e7 ,ho/+ 9-p]son t[n halls & web9>s-- 7,a7 organiz$ by ! ,adm9i/rator1 act+ ?r\gh national or regional (fices ( ! ,adm9i/ration2 7,b7 t feature pres5tations by ,fin,c,e,n /aff on compliance ) b5eficial own]%ip requirem5ts2 & 7,c7 t are adv]tis$ to report+ companies & trade associations & o!r entities t repres5t small bus9ess conc]ns4 7#f7 ,implem5t+ a plan to use field (fices ( ! ,adm9i/ration & ,dome/ic ,liaisons ( ,fin,c,e,n = ! 9-p]son t[n halls & web9>s describ$ 9 p>agraph 7#e74 7#g7 ,any o!r activities ! ,director & ! ,adm9i/rator det]m9e necess>y to increase ! numb] ( report+ companies 9 compliance ) b5eficial own]%ip requirem5ts4 7c7 ,public availability ( memor&um ( und]/&+ ,n lat] ?an #g days aft] ! date on :i* ! ,director & ,adm9i/rator ent] into a memor&um ( und]/&+ "u subsection 7b71 ! ,director & ! ,adm9i/rator %all ea* make ! memor&um publicly available on a website ( ,fin,c,e,n & ! ,adm9i/ration1 respectively4 7d7 ,meet+s ,n lat] ?an #f mon?s aft] ! date on :i* ! ,director & ,adm9i/rator ent] into a memor&um ( und]/&+ "u subsection 7b71 & e #f mon?s !reaft]1 ! ,director 7or a designee7 & ! ,adm9i/rator 7or a designee7 %all review ! foll[+3 7#a7 ,issues relat$ to1 & cont9u$ coord9ation on1 ! requirem5ts ( ! memor&um4 7#b7 ,*all5ges associat$ ) increas+ ! numb] ( report+ companies 9 compliance ) b5eficial own]%ip requirem5ts4 7#c7 ,reasons provid$ by report+ companies to cov]$ ag5cies = fail+ to comply ) b5eficial own]%ip requirem5ts4 7#d7 ,/rategies = collaboration to address ! reasons describ$ 9 p>agraph 7#c74 7#e7 ,any o!r topics ! ,director & ! ,adm9i/rator det]m9e necess>y4 7e7 ,comp5sation ,! ,director 7or a designee7 & ! ,adm9i/rator 7or a designee7 may n receive comp5sation = att5d+ a meet+ requir$ by subsection 7d74 #e4 ,reports ,n lat] ?an #cj days aft] ! date on :i* ! ,director & ,adm9i/rator ent] into a memor&um ( und]/&+ "u section #d7;b71 & e #cj days !reaft]1 ! ,director & ! ,adm9i/rator %all jo9tly submit to ! ,committees on ,small ,bus9ess & ,entrepr5eur%ip & ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committees on ,small ,bus9ess & ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t includes ! foll[+3 7#a7 ,= ! #cj-;day p]iod prec$+ ! date ( ! report-- 7,a7 a description ( ! actions tak5 "u ! memor&um ( und]/&+ to provide outrea* to report+ companies t are requir$ to1 b h fail$ to1 comply ) b5eficial own]%ip requirem5ts2 7,b7 ! e/imat$ numb] ( report+ companies t h receiv$ cov]$ in=mation or o!r assi/ance relat+ to b5eficial own]%ip requirem5ts f ! ,adm9i/ration or ,fin,c,e,n z a result ( actions tak5 pursuant to ! memor&um ( und]/&+2 & 7,c7 ! numb] ( report+ companies 9 compliance ) b5eficial own]%ip requirem5ts4 7#b7 ,a description ( ! actions ! ,director & ! ,adm9i/rator plan to take "u ! memor&um ( und]/&+ dur+ ! #cj-;day p]iod foll[+ ! date ( ! report to provide cov]$ in=mation to report+ companies t h fail$ to comply ) b5eficial own]%ip requirem5ts4