Senate Bill Would Establish 'Beneficial Owner' Database

Jun 11, 2019

New Senate legislation would establish federal reporting requirements requiring all "beneficial ownership" information to be maintained in a federal database, among other provisions. Introduced by Senate Banking Committee Mark Warner (D-Va.), Tom Cotton (R-Ark.), Doug Jones (D-Ala.), and Mike Rounds (R-S.D.), the bill would allow federal and local law enforcement to access the database.

As Congress debates Bank Secrecy Act reform, ICBA continues to support legislation that would require companies to disclose their “beneficial owners” when they are formed.

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