A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.

Q: What does Preamble of A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes. do?

This bill proposes to amend title 31 of the United States Code. The stated purpose is to require only foreign entities to report beneficial ownership information. The bill was introduced in the Senate on April 28, 2026.

Q: What does BENEFICIAL OWNERSHIP INFORMATION REPORTING REQUIREMENTS. of A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes. do?

This section amends Section 5336 of Title 31, United States Code, relating to beneficial ownership information reporting requirements. It defines 'applicant' as an individual registering a foreign entity to do business in the U.S. The definition of 'reporting company' is modified to include entities formed under foreign law and registered in the U.S. The reporting requirements are updated to include 'any United States person'. Exemptions are established: reporting companies are not required to report information on U.S. person beneficial owners, and U.S. persons are not required to provide information on reporting companies for which they are beneficial owners. The Financial Crimes Enforcement Network (FinCEN) is directed to delete beneficial ownership information of U.S. persons within 90 days of the Act's enactment. FinCEN may retain beneficial ownership information relating to non-U.S. persons.

Last updated: 4/28/2026 · Introduced: 4/28/2026

Author: John Kennedy (R-LA)

TL;DR (AI)

This bill amends existing law to require foreign entities registered to do business in the U.S. to report beneficial ownership information.
The bill exempts U.S. persons from reporting beneficial ownership information for both foreign and domestic entities.
The Financial Crimes Enforcement Network (FinCEN) will delete beneficial ownership information of U.S. persons from its records within 90 days of the bill's enactment.

119th Congressin committeeOfficial page

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Includes provisions on preamble, beneficial ownership information reporting requirements..

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