[Congressional Record Volume 170, Number 119 (Tuesday, July 23, 2024)]
[Senate]
[Page S5203]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2919. Mr. DAINES submitted an amendment intended to be proposed by 
him to the bill S. 4638, to authorize appropriations for fiscal year 
2025 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. ACCESS TO BENEFICIAL OWNERSHIP INFORMATION.

       Section 5336 of title 31, United States Code, is amended--
       (1) by redesignating subsection (j) as subsection (k); and
       (2) by inserting after subsection (i) the following:
       ``(j) Access to Beneficial Ownership Information.--
       ``(1) Definitions.--In this subsection:
       ``(A) Access license.--The term `access license' means a 
     license to access beneficial ownership information on an oin 
     accordance with this subsection.
       ``(B) Covered entity.--The term `covered entity' means a 
     financial institution that provides, or an entity that 
     assists a financial institution in providing, screening 
     services.
       ``(C) Permitted personnel.--The term `permitted personnel' 
     means personnel of a covered entity who are permitted to 
     access beneficial ownership information in accordance with 
     this subsection.
       ``(D) Permitted purpose.--The term `permitted purpose' 
     means the use of beneficial ownership information for 
     screening services.
       ``(E) Screening services.--The term `screening services' 
     means the risk management procedures and activities 
     undertaken by permitted personnel for the protection of the 
     United States national security from international illicit 
     actors and corrupt foreign officials who seek to exploit the 
     financial systems of the United States by engaging in illicit 
     activity such as serious tax fraud, human and drug 
     trafficking, money laundering, financing terrorism.
       ``(2) Access licenses.--
       ``(A) In general.--Notwithstanding any other provision of 
     this section, the Director shall establish a process by which 
     covered entities may apply to the Director for an access 
     license.
       ``(B) Determination.--The Director may not issue an access 
     license to a covered entity unless the Director determines 
     that--
       ``(i) access to beneficial ownership information under this 
     subsection is predicated upon a reasonable concern for United 
     States national security and United States economic 
     stability, by identifying international illicit actors and 
     corrupt foreign officials and preventing international 
     illicit activity such as--

       ``(I) international terrorist financing;
       ``(II) any activity engaged in by an agent of the 
     Government of Iran, North Korea, Syria, or any other 
     government the Secretary of State has determined has 
     repeatedly provided support for acts of international 
     terrorism for purposes of--

       ``(aa) section 1754(c)(1)(A)(i) of the Export Control 
     Reform Act of 2018 (50 U.S.C. 4813(c)(1)(A)(i));
       ``(bb) section 620A of the Foreign Assistance Act of 1961 
     (22 U.S.C. 2371);
       ``(cc) section 40(d) of the Arms Export Control Act (22 
     U.S.C. 2780(d)); or
       ``(dd) any other provision of law;

       ``(III) any activity engaged in by any individual or entity 
     included on the list of specially designated nationals and 
     blocked persons maintained by the Office of Foreign Assets 
     Control of the Department of the Treasury; or
       ``(IV) any other illicit financial conduct directly or 
     indirectly supporting a transnational criminal organization, 
     transnational drug trafficking organization, or transnational 
     money laundering organization;

       ``(ii) the covered entity limits access to and use of the 
     beneficial ownership information to permitted personnel of 
     the covered entity in connection with, or to support, 
     screening services; and
       ``(C) the use, disclosure, and retention of the beneficial 
     ownership information is strictly limited to a permitted 
     purpose.
       ``(D) Duration.--
       ``(i) In general.--An access license issued under this 
     subsection shall expire on the date that is 2 years after the 
     date on which the license is issued.
       ``(ii) Renewal.--An expired access license may be renewed 
     for 2-year periods in accordance with the process established 
     under this paragraph.
       ``(3) Regulations.--The Director shall promulgate 
     regulations governing the use, disclosure, and retention of 
     the beneficial ownership information accessed pursuant to an 
     access license issued under this subsection.''.
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