I 
117TH CONGRESS 
1ST SESSION H. R. 5525 
To amend the Bank Secrecy Act to expand the scope and authorities of 
anti-money laundering safeguards under such Act, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 8, 2021 
Mr. MALINOWSKI (for himself, Ms. SALAZAR, Mr. COHEN, Mr. WILSON of 
South Carolina, Ms. SPANBERGER, and Mr. HUDSON) introduced the fol-
lowing bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Bank Secrecy Act to expand the scope and 
authorities of anti-money laundering safeguards under 
such Act, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Establishing New Au-
thorities for Businesses Laundering and Enabling Risks 
to Security Act’’ or the ‘‘ENABLERS Act’’. 
SEC. 2. FINANCIAL INSTITUTION DEFINITION. 
(a) IN GENERAL.—Section 5312(a)(2) of title 31, 
United States Code, as amended by the William M. (Mac) 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS
Thornberry National Defense Authorization Act for Fiscal 
Year 2021, is amended— 
(1) by redesignating subparagraphs (Z) and 
(AA) as subparagraphs (GG) and (HH), respec-
tively; and 
(2) by inserting after subparagraph (Y) the fol-
lowing: 
‘‘(Z) a person engaged in the business of 
providing investment advice for compensation; 
‘‘(AA) a person engaged in the trade in 
works of art, antiques, or collectibles, including 
a dealer, advisor, consultant, custodian, gallery, 
auction house, museum, or any other person 
who engages as a business in the solicitation or 
the sale of works of art, antiques, or collect-
ibles; 
‘‘(BB) an attorney, law firm, or notary in-
volved in financial activity or related adminis-
trative activity on behalf of another person; 
‘‘(CC) a trust or company service provider, 
including— 
‘‘(i) a person involved in forming a 
corporation, 
limited 
liability 
company, 
trust, foundation, partnership, or other 
similar entity or arrangement; 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS
‘‘(ii) a person involved in acting as, or 
arranging for another person to act as, a 
registered agent, trustee, or nominee to be 
a shareholder, officer, director, secretary, 
partner, signatory, or other similar posi-
tion in relation to a person or arrange-
ment; 
‘‘(iii) a person involved in providing a 
registered office, address, or other similar 
service for a person or arrangement; or 
‘‘(iv) any other person providing trust 
or company services, as defined by the Sec-
retary of the Treasury; 
‘‘(DD) a certified public accountant or 
public accounting firm; 
‘‘(EE) a person engaged in the business of 
public relations, marketing, communications, or 
other similar services in such a manner as to 
provide 
another 
person 
anonymity 
or 
deniability; 
‘‘(FF) a person engaged in the business of 
providing third-party payment services, includ-
ing payment processing, check consolidation, 
cash vault services, or other similar services 
designated by the Secretary of the Treasury;’’. 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS
(2) TRUST OR COMPANY SERVICE PROVIDER.— 
In promulgating a rule under paragraph (1)(B) to 
implement subparagraph (CC) of section 5312(a)(2) 
of title 31, United States Code, as added by sub-
section (a), the Secretary of Treasury shall exclude 
from the category of covered persons— 
(A) any government agency; and 
(B) any attorney or law firm that uses a 
paid trust or company service provider, includ-
ing any paid entity formation agent, operating 
within the United States. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—Subparagraphs (Z) through 
(FF) of section 5312(a)(2) of title 31, United States 
Code, as added by subsection (a), shall take effect 
on December 31, 2023. 
(2) LIMITATION
ON
EXEMPTIONS.—With re-
spect to a person described under subparagraphs (Z) 
through (FF) of section 5312(a)(2) of title 31, 
United States Code, as added by subsection (a), the 
Secretary of the Treasury may not exempt such per-
son from any requirement under subchapter II of 
chapter 53 of title 31, United States Code, including 
any delay in such application. 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS
(3) APPLICATION OF CERTAIN PROVISIONS.— 
Any financial institution (as defined in section 
5312(a)(2) of title 31, United States Code) that is 
not already required to comply with subsections (g), 
(h), (i), and (l) of section 5318 of title 31, United 
States Code, shall do so on and after June 30, 2024, 
whether or not a rule has been issued under sub-
section (b)(1)(B). 
SEC. 3. TREASURY TASK FORCE AND STRATEGY. 
(a) IN GENERAL.—The Secretary of the Treasury, 
acting through the Director of the Financial Crimes En-
forcement Network, shall establish a task force to— 
(1) develop an ambitious, comprehensive, and 
multi-year United States Government strategy to 
impose anti-money laundering safeguards on all nec-
essary gatekeeper professions; 
(2) designate and authorize a Federal or State 
agency to enforce anti-money laundering require-
ments for each type of financial institution defined 
in section 5312(a)(2) of title 31, United States 
Code; and 
(3) advance the regulatory rulemaking required 
under section 2(b) of this Act. 
(b) GATEKEEPERS STRATEGY.— 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS
(1) IN GENERAL.—Section 262 of the Coun-
tering America’s Adversaries Through Sanctions Act 
(Public Law 115–44), is amended by inserting after 
paragraph (10) the following: 
‘‘(11) GATEKEEPERS STRATEGY.—A description 
of efforts to impose anti-money laundering safe-
guards on all necessary gatekeeper professions, in-
cluding art dealers, investment advisors, real estate 
professionals, lawyers, accountants, trust or com-
pany service providers, public relations professionals, 
dealers of luxury vehicles, money service businesses, 
and other similar professions.’’. 
(2) UPDATE
CLARIFICATION.—If, before the 
date of the enactment of this Act, all updates to the 
national strategy required by section 261(b) of the 
Countering America’s Adversaries Through Sanc-
tions Act (Public Law 115–44) have been completed, 
the President shall provide an additional update of 
such national strategy to the Congress containing 
the contents required under the amendment made by 
paragraph (1). 
SEC. 4. REPORTING BY TITLE INSURANCE COMPANIES. 
(a) IN GENERAL.—Not later than 90 days after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall promulgate a rule requiring a domestic title 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS
insurance company to obtain, maintain, and report to the 
Secretary information on the beneficial owners of entities 
that purchase or sell residential or commercial real estate 
in transactions in which the domestic title insurance com-
pany is involved. 
(b) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated to the Secretary such 
sums as may be necessary to carry out this section. 
(c) DEFINITIONS.—In this section: 
(1) BENEFICIAL OWNER.—The term ‘‘beneficial 
owner’’, with respect to an entity, has the meaning 
as defined in section 5336 of subchapter II of chap-
ter 53 of title 31, United States Code. 
(2) DOMESTIC TITLE INSURANCE COMPANY.— 
The term ‘‘domestic title insurance company’’ has 
the meaning given that term in regulations pre-
scribed by the Secretary. 
Æ 
VerDate Sep 11 2014 
05:22 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6301
E:\BILLS\H5525.IH
H5525
kjohnson on DSK79L0C42PROD with BILLS