Require certain companies to provide information annually to the Financial Crimes Enforcement Network (FinCEN)
Require FinCEN to inspect certain law enforcement agencies
Establish civil and criminal fines for violations of the bill’s provisions
Require states to notify some applicants for corporation and limited liability corporation (LLC) status of new requirements to identify beneficial owners of the corporation
Prohibit some newly formed corporations and LLCs from issuing bearer shares (equity securities wholly owned by the holder of the physical stock certificate)
Require corporations and LLCs to provide beneficial ownership information annually to FinCen
Estimated budgetary effects would primarily stem from
Costs to FinCEN to hire additional employees to carry out the bill’s provisions
Areas of significant uncertainty include
The number of new annual filings with FinCEN that would result from enactment of the bill
