To require the Secretary of the Treasury to modify the beneficial ownership requirements by creating an exception for certain accounts.

Bill: 115-hr-6403
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2018-07-17
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Department of the Treasury
Latest action: action_date: 2018-07-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-07-17
action_desc: Introduced in House
text: <p>This bill directs the Department of the Treasury to modify financial-institution regulations relating to the collection of beneficial-ownership information&nbsp;from&nbsp;legal entities.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6403 IN THE HOUSE OF REPRESENTATIVES July 17, 2018 Mr. Budd introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to modify the beneficial ownership requirements by creating an exception for certain accounts.

1. Exception to the beneficial ownership requirements for certain financial products and services The Secretary of the Treasury shall modify section 1010.230 of title 31, Code of Federal Regulations, by adding the exceptions created by the Financial Crimes Enforcement Network’s ruling FIN–2018–R002, issued May 16, 2018.