Protect Small Business and Prevent Illicit Financial Activity Act

Bill: 118-s-3625
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2024-01-18
Policy area: Commerce
Latest action: action_date: 2024-01-18
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2024-01-18
action_desc: Introduced in Senate
text: <p><b>Protect Small Business and Prevent Illicit Financial Activity Act</b></p> <p>This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity.</p> <p>The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days). </p>

tv_txt: II 118th CONGRESS 2d Session S. 3625 IN THE SENATE OF THE UNITED STATES January 18, 2024 Mr. Scott of South Carolina introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act . 2. Beneficial ownership information reporting deadlines for small businesses Section 5336(b)(1) of title 31, United States Code, is amended— (1) in subparagraph (B)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and ; (2) in subparagraph (C)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking at the time of and inserting not later than 90 days after the date of such ; (3) in subparagraph (D)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and not later than 1 year and inserting not later than 90 days ; and (4) by adding at the end the following: (H) Unable to obtain FinCEN may not by rule, guidance, or otherwise, permit a reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection. .