U.S. House Bill 6395, the National Defense Appropriations Act, became law January 1 when Congress overrode the president’s veto. Among the bill’s many provisions are Division F Anti-Money Laundering which will require many business entities formed and registered in state filing offices to disclose beneficial ownership information to FinCEN (the Financial Crimes Enforcement Network) within the US Department of the Treasury. The Treasury has up to one year to issue regulations for disclosure of name, date of birth, address and government issued identity document for the beneficial owners. The bill exempts entities which are publicly listed, regulated by the federal government, or have 20 full time employees $5 million in annual sales and a physical place of business. Existing entities will have up to two years to comply. The bill text and more information will be posted when available.
Federal – U.S. House Bill Enacts the National Defense Appropriations Act