3.0.0 4075 2022-12-29T23:48:36Z 2022-12-29T23:48:36Z Senate S 2022-04-07 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2022-04-07T21:21:36Z 2022-04-07 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2022-04-07 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA 2022-04-07 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2022-04-07 True W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2022-04-07 True Finance and Financial Sector Administrative law and regulatory procedures Aviation and airports Banking and financial institutions regulation Business records Congressional oversight Department of the Treasury Foreign language and bilingual programs Foreign property Fraud offenses and financial crimes Government information and archives Licensing and registrations Marine and inland water transportation Motor vehicles Real estate business Sanctions Terrorism Visas and passports Finance and Financial Sector 00 2022-04-07 Introduced in Senate 2022-09-14T20:15:24Z Kleptocrat Liability for Excessive Property Transactions and Ownership Act or the KLEPTO Act

This bill expands anti-money laundering reporting requirements for certain transactions involving real estate, aircraft, and other vehicles.

Specifically, real estate professionals must report to the Department of the Treasury beneficial owner information (e.g., the identity of an individual behind a corporate entity) for each commercial and residential real estate transaction involving a covered entity (i.e., a nonnatural person, association, or arrangement, including any trust, partnership, foundation, corporation, limited liability company, or other public or private entity). Real estate professionals must also report suspicious transactions, establish anti-money laundering programs and due diligence policies, and develop procedures to identify beneficial owners.

Additionally, Treasury must implement a state-level pilot program to design and test a digital ledger of real estate transactions. This ledger must provide real-time information and integrate with other databases that track beneficial ownership, sanctions, and other business and real estate registries.

An entity must identify each beneficial owner prior to registering an aircraft. Existing registrants must submit this information not later than 180 days after the date of this bill's enactment.

A business engaged in vehicle sales (including automobile, airplane, and boat sales) must report suspicious transactions, establish anti-money laundering programs and due diligence policies, and develop procedures to identify beneficial owners.

]]> KLEPTO Act Display Title KLEPTO Act Short Title(s) as Introduced KLEPTO Act Introduced in Senate IS Short Title(s) as Introduced Kleptocrat Liability for Excessive Property Transactions and Ownership Act Introduced in Senate IS Official Title as Introduced A bill to prevent money laundering, the financing of terrorism, or other forms of illicit finance through United States real estate and vehicle transactions, including by Russian oligarchs, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-04-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4075is/xml/BILLS-117s4075is.xml 2022-04-07 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.