A bill to amend title 31, United States Code, to provide for access to certain beneficial ownership information.

Hozzl · 2025-01-14T18:20:21Z

Explore the details of Senate Bill 5631 A bill to amend title 31, United States Code, to provide for access to certain beneficial ownership information. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/14/2025, 6:20 PM

Summary of Bill S 5631

Bill 118 s 5631, also known as the "Beneficial Ownership Information Access Act," aims to make changes to title 31 of the United States Code in order to allow for greater access to beneficial ownership information. Beneficial ownership refers to the individuals who ultimately own or control a legal entity, such as a corporation or limited liability company.

The bill seeks to address concerns about the lack of transparency in corporate ownership structures, which can be exploited for illicit purposes such as money laundering and terrorist financing. By providing access to beneficial ownership information, law enforcement agencies and financial institutions will be better equipped to identify and prevent these illegal activities.

Specifically, the bill would require legal entities to disclose their beneficial owners to a centralized database maintained by the Financial Crimes Enforcement Network (FinCEN). This information would be accessible to law enforcement agencies, financial institutions, and other authorized entities for investigative purposes. The bill includes provisions to protect the privacy and security of the beneficial owners, such as requiring FinCEN to establish safeguards to prevent unauthorized access to the database. Additionally, individuals who access the database without authorization or misuse the information could face criminal penalties. Overall, the Beneficial Ownership Information Access Act aims to improve transparency in corporate ownership structures and enhance the ability of law enforcement agencies to combat financial crimes. By providing access to beneficial ownership information, the bill seeks to strengthen the integrity of the financial system and protect against illicit activities.

Current Status of Bill S 5631

Bill S 5631 is currently in the status of Bill Introduced since December 19, 2024. Bill S 5631 was introduced during Congress 118 and was introduced to the Senate on December 19, 2024. Bill S 5631's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of December 19, 2024