Granting Financial Institutions Access to Business Ownership Data for Security Screening.
This bill enhances U.S. financial security by allowing banks and financial institutions to access beneficial ownership information (BOI) under strict conditions. This access is solely for screening purposes to identify international criminals, terrorists, and corrupt foreign officials attempting to exploit the U.S. financial system for illicit activities like money laundering or tax fraud. The goal is to protect national security and economic stability, indirectly safeguarding citizens' finances.
Key points
Financial institutions can apply for a license to access data on the true owners of companies (Beneficial Ownership Information) for security procedures.
Access is strictly limited to screening services aimed at preventing international illicit activity, such as terrorism financing and organized crime.
The use, disclosure, and retention of this sensitive information are tightly regulated, and licenses expire after two years to ensure privacy and prevent misuse.
Expired
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