House Passes ‘Beneficial Owner’ Reform

Oct 23, 2019
The House voted 249-173 to pass ICBA-advocated legislation providing relief from "beneficial ownership" disclosure mandates.

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 advocated passage in a letter to lawmakers, led a grassroots advocacy campaign to advance H.R. 2513, and thanks all community bankers who weighed in with their members of Congress.

Reforming government collection of beneficial ownership records is among ICBA's recommendations in its white paper on modernizing the BSA/AML regime.