FinCEN–SBA Coordination on Beneficial Ownership Registration Act

# FinCEN–SBA Coordination on Beneficial Ownership Registration Act Summary **What the Bill Would Do** This bill would require the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to work together on beneficial ownership registration. Beneficial ownership refers to identifying who actually owns or controls a business, as opposed to who is listed on official paperwork. The bill aims to improve coordination between these two federal agencies to create a more effective system for tracking business ownership, which is intended to prevent money laundering, tax evasion, and other financial crimes. **Who It Affects and Key Provisions** The bill primarily affects small business owners and the federal government agencies responsible for financial oversight.

While specific provisions aren't detailed in available summaries, the general intent is to establish better communication and data-sharing procedures between FinCEN (which combats financial crimes) and the SBA (which supports small businesses). This coordination could streamline reporting requirements for business owners while helping law enforcement and tax authorities better understand who controls various companies. **Current Status** As of now, the bill (S 1995) remains in committee, meaning it has not advanced to a full vote in the Senate. Introduced by Senator Edward Markey (D-MA), it has not yet moved forward in the legislative process.