Increased Transparency and Oversight for FinCEN, Support for Small Businesses.
This act enhances Congressional oversight of FinCEN, the agency combating financial crimes. It mandates the disclosure of FinCEN's internal documents for greater transparency. Additionally, the act requires FinCEN to hold working group meetings with small businesses to help them understand new beneficial ownership reporting obligations.
Key points
Increased Congressional oversight of FinCEN's activities, including reporting of unlawful actions.
FinCEN must publicly disclose documents defining its authorities, enhancing transparency.
FinCEN will hold annual small business working groups to provide guidance on beneficial ownership reporting.
Status:
Introduced
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