providing relief from "beneficial ownership" disclosure mandates is advancing toward a House vote as soon as next week.
Rep. Carolyn Maloney's (D-N.Y.) Corporate Transparency Act (H.R. 2513) would require certain small businesses to disclose their "beneficial owners" to the Financial Crimes Enforcement Network when they are formed or there is a change in ownership structure.
The bill would relieve community banks of the burden of collecting this information from their customers. The Senate recently introduced similar, bipartisan legislation (S. 2563).
ICBA last year issued a white paper
with principles for modernizing the BSA/AML regime, including government collection of beneficial ownership records when legal entities are formed.