I 
119TH CONGRESS 
1ST SESSION H. R. 3829 
To require the Director of the Financial Crimes Enforcement Network and 
the Administrator of the Small Business Administration to enter into 
a memorandum of understanding to ensure the dissemination of covered 
information, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 6, 2025 
Ms. VELA´ZQUEZ (for herself and Ms. WATERS) introduced the following bill; 
which was referred to the Committee on Financial Services, and in addi-
tion to the Committee on Small Business, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To require the Director of the Financial Crimes Enforcement 
Network and the Administrator of the Small Business 
Administration to enter into a memorandum of under-
standing to ensure the dissemination of covered informa-
tion, 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 ‘‘FinCEN–SBA Coordi-
nation on Beneficial Ownership Registration Act’’. 
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SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) malign actors seek to conceal their owner-
ship of corporations, limited liability companies, or 
other similar entities in the United States to facili-
tate illicit activity, including money laundering, the 
financing of terrorism, proliferation financing, seri-
ous tax fraud, human and drug trafficking, counter-
feiting, piracy, securities fraud, financial fraud, and 
acts of foreign corruption, harming the national se-
curity interests of the United States and allies of the 
United States; 
(2) Federal legislation providing for the collec-
tion of beneficial ownership information for corpora-
tions, limited liability companies, or other similar en-
tities formed under the laws of the States is needed 
to— 
(A) set a clear, Federal standard for incor-
poration practices; 
(B) protect vital Unites States national se-
curity interests; 
(C) protect interstate and foreign com-
merce; 
(D) better enable critical national security, 
intelligence, and law enforcement efforts to 
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counter money laundering, the financing of ter-
rorism, and other illicit activity; and 
(E) bring the United States into compli-
ance with international anti-money laundering 
and countering the financing of terrorism 
standards; 
(3) Federal legislation providing for the collec-
tion of beneficial ownership information is needed to 
protect critical law enforcement and national secu-
rity efforts; 
(4) the Secretary of the Treasury and the Ad-
ministrator of the Small Business Administration 
should work with small business concerns and other 
reporting companies to provide clarity and minimize 
burdens on them while still generating a highly use-
ful database; 
(5) an overwhelming bipartisan majority of 
Congress codified the provisions of paragraphs (1) 
through (4) in the enactment of the Corporate 
Transparency Act (title LXIV of division F of Public 
Law 116–283); and 
(6) full implementation of the Corporate Trans-
parency Act is critical to further the provisions of 
paragraphs (1) through (4). 
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SEC. 3. DEFINITIONS. 
In this Act: 
(1) ADMINISTRATION; ADMINISTRATOR.—The 
terms ‘‘Administration’’ and ‘‘Administrator’’ mean 
the Small Business Administration and the Adminis-
trator thereof, respectively. 
(2) 
BENEFICIAL
OWNERSHIP
REQUIRE-
MENTS.—The term ‘‘beneficial ownership require-
ments’’ means the requirements under section 5336 
of title 31, United States Code. 
(3) COVERED AGENCIES.—The term ‘‘covered 
agencies’’ means FinCEN and the Administration. 
(4) COVERED INFORMATION.—The term ‘‘cov-
ered information’’ means information developed by 
FinCEN regarding the beneficial ownership informa-
tion reporting requirements under section 5336 of 
title 31, United States Code. 
(5) DIRECTOR.—The term ‘‘Director’’ means 
the Director of FinCEN. 
(6) FINCEN.—The term ‘‘FinCEN’’ means the 
Financial Crimes Enforcement Network described in 
section 310 of title 31, United States Code. 
(7) REPORTING COMPANY.—The term ‘‘report-
ing company’’ has the meaning given in section 5336 
of title 31, United States Code. 
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(8) RESOURCE PARTNER.—The term ‘‘resource 
partner’’ means— 
(A) a small business development center 
(as defined in section 3 of the Small Business 
Act (15 U.S.C. 632)); 
(B) a women’s business center described in 
section 29 of the Small Business Act (15 
U.S.C. 656); and 
(C) Veteran Business Outreach Centers 
described in section 32 of the Small Business 
Act (15 U.S.C. 657b). 
(9) SMALL
BUSINESS
CONCERN.—The term 
‘‘small business concern’’ has the meaning given 
under section 3 of the Small Business Act (15 
U.S.C. 632). 
SEC. 4. MEMORANDUM OF UNDERSTANDING TO ENSURE 
THE DISSEMINATION OF COVERED INFORMA-
TION. 
(a) MEETING.—Not later than 30 days after the date 
of the enactment of this Act, the Administrator and the 
Director shall meet to discuss the contents of the memo-
randum of understanding required by subsection (b). 
(b) MEMORANDUM OF UNDERSTANDING.—Not later 
than 90 days after the date of the enactment of this Act, 
the Administrator and the Director shall enter into a writ-
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ten memorandum of understanding to jointly carry out the 
following activities: 
(1) Disseminating covered information to re-
porting companies and trade associations and other 
entities that represent small business concerns, in-
cluding dissemination through resource partners of 
the Administration. 
(2) Ensuring covered information is made avail-
able in English, Spanish, and any additional lan-
guages as jointly determined by the Director and the 
Administrator. 
(3) Ensuring that the homepage of the website 
of the Administration includes a link to the relevant 
webpages of FinCEN relating to beneficial owner-
ship requirements and registration for reporting 
companies. 
(4) Implementing a plan to identify and counter 
scams or other fraudulent schemes related to, or 
purporting to be, beneficial ownership reporting, and 
to educate reporting companies and trade associa-
tions and other entities that represent small business 
concerns about such scams or fraudulent schemes. 
(5) 
Hosting 
in-person 
town 
halls 
and 
webinars— 
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(A) organized by the Administrator, acting 
through national or regional offices of the Ad-
ministration; 
(B) that feature presentations by FinCEN 
staff on compliance with beneficial ownership 
requirements; and 
(C) that are advertised to reporting compa-
nies and trade associations and other entities 
that represent small business concerns. 
(6) Implementing a plan to use field offices of 
the Administration and Domestic Liaisons of 
FinCEN for the in-person town halls and webinars 
described in paragraph (5). 
(7) Any other activities the Director and the 
Administrator determine necessary to increase the 
number of reporting companies in compliance with 
beneficial ownership requirements. 
(c) PUBLIC AVAILABILITY OF MEMORANDUM OF UN-
DERSTANDING.—Not later than 7 days after the date on 
which the Director and Administrator enter into a memo-
randum of understanding under subsection (b), the Direc-
tor and the Administrator shall each make the memo-
randum publicly available on a website of FinCEN and 
the Administration, respectively. 
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(d) MEETINGS.—Not later than 6 months after the 
date on which the Director and Administrator enter into 
a memorandum of understanding under subsection (b), 
and every 6 months thereafter, the Director (or a des-
ignee) and the Administrator (or a designee) shall review 
the following: 
(1) Issues related to, and continued coordina-
tion on, the requirements of the memorandum. 
(2) Challenges associated with increasing the 
number of reporting companies in compliance with 
beneficial ownership requirements. 
(3) Reasons provided by reporting companies to 
covered agencies for failing to comply with beneficial 
ownership requirements. 
(4) Strategies for collaboration to address the 
reasons described in paragraph (3). 
(5) Any other topics the Director and the Ad-
ministrator determine necessary. 
(e) COMPENSATION.—The Director (or a designee) 
and the Administrator (or a designee) may not receive 
compensation for attending a meeting required by sub-
section (d). 
SEC. 5. REPORTS. 
Not later than 30 days after the date on which the 
Director and Administrator enter into a memorandum of 
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understanding under section 3(b), and every 30 days 
thereafter, the Director and the Administrator shall jointly 
submit to the Committees on Small Business and Entre-
preneurship and Banking, Housing, and Urban Affairs of 
the Senate and the Committees on Small Business and 
Financial Services of the House of Representatives a re-
port that includes the following: 
(1) For the 30-day period preceding the date of 
the report— 
(A) a description of the actions taken 
under the memorandum of understanding to 
provide outreach to reporting companies that 
are required to, but have failed to, comply with 
beneficial ownership requirements; 
(B) the estimated number of reporting 
companies that have received covered informa-
tion or other assistance relating to beneficial 
ownership requirements from the Administra-
tion or FinCEN as a result of actions taken 
pursuant to the memorandum of understanding; 
and 
(C) the number of reporting companies in 
compliance with beneficial ownership require-
ments. 
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(2) A description of the actions the Director 
and the Administrator plan to take under the memo-
randum of understanding during the 30-day period 
following the date of the report to provide covered 
information to reporting companies that have failed 
to comply with beneficial ownership requirements. 
Æ 
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