This bill requires the Federal Aviation Administration (FAA) to obtain the identity of all beneficial owners of a covered entity prior to approving an aircraft certificate of registration.

A covered entity refers to a person, trust, association, copartnership, corporation, or other public or private entity. A beneficial owner refers to a natural person who directly or indirectly (1) exercises control over the covered entity, or (2) has an interest in or receives substantial economic benefits from the covered entity's assets.

Specifically, the FAA must require a covered entity seeking an aircraft certificate of registration to identify each beneficial owner by providing the owner's name and current street address; a unique identifying number from a U.S. passport or a driver's license issued by a state (or a copy of a passport issued by a foreign country if those documents are unavailable); the owner's nationality; and the make, model, and serial number of the aircraft to be registered.

The covered entity must also disclose any beneficial owner of the covered entity who is a foreign person. A foreign person is an individual who is not (1) a U.S. citizen, or a (2) non-U.S. national (alien under federal law) lawfully admitted for permanent residence into the United States.