S. 3625 · 118th Congress
Protect Small Business and Prevent Illicit Financial Activity Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ScottSponsor3 cosponsors · 3 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Protect Small Business and Prevent Illicit Financial Activity Act
What it does: CRS summary · Introduced in Senate · Jan 18, 2024
Protect Small Business and Prevent Illicit Financial Activity Act
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.
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).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protect Small Business and Prevent Illicit Financial Activity Act
Latest action (Jan 18, 2024): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Commerce · Origin: Senate · Introduced: Jan 18, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.