3.0.0 1717 2023-01-11T13:38:48Z 2023-01-11T13:38:48Z Senate S 2017-08-02 115 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-08-02T21:15:40Z Corporate Transparency Act of 2017 115 3089 HR 2017-06-28 Referred to the House Committee on Financial Services. Related bill CRS 2017-08-02 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S4770) IntroReferral 2017-08-02 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2017-08-02 True Crime and Law Enforcement Administrative law and regulatory procedures Business records Civil actions and liability Congressional oversight Corporate finance and management Currency Department of the Treasury Fraud offenses and financial crimes Government information and archives Government studies and investigations Immigration status and procedures Office of Management and Budget (OMB) Public contracts and procurement Terrorism Crime and Law Enforcement 00 2017-08-02 Introduced in Senate 2018-10-29T19:47:13Z Corporate Transparency Act of 2017

This bill requires an entity that forms a corporation or limited liability company to disclose information about its beneficial owners. A beneficial owner is an individual who exercises substantial control over a corporation or limited liability company or has a substantial interest in or receives substantial economic benefits from the assets of a corporation or limited liability company.

Specifically, if an entity applies to form a corporation or limited liability company in a state that does not require the disclosure of beneficial ownership information, then the entity must file beneficial ownership information with the Financial Crimes Enforcement Network.

The bill imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information.

It directs the Department of the Treasury to require persons engaged in the business of forming (or of purchasing, selling, or transferring the public records that form) corporations or limited liability companies to establish anti-money laundering programs.

The Government Accountability Office must study and report on: (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this bill.]]>

Corporate Transparency Act of 2017 Display Title Corporate Transparency Act of 2017 Short Titles as Introduced Corporate Transparency Act of 2017 Official Title as Introduced A bill to amend title 31, United States Code, to ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies, and for other purposes. Introduced in Senate 2017-08-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1717is/xml/BILLS-115s1717is.xml 2017-08-02 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S4770) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.