A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.

This bill changes federal law on beneficial ownership reporting so that only companies formed under the laws of a foreign country and registered to do business in a U.S. state or tribal jurisdiction must report who owns or controls them. It removes U.S. persons from the definition of beneficial owner and states that no reporting company must report ownership information about U.S. persons, and no U.S. person must provide such information. Within 90 days of the law taking effect, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) must delete all beneficial ownership information it holds on U.S. persons. FinCEN may keep information on people who are not U.S. persons.

Full text and official record on Congress.gov

Sponsors

• John Kennedy Republican sponsor
• 12 cosponsors