S.1995

FinCEN–SBA Coordination on Beneficial Ownership Registration Act requires FinCEN and SBA to collaborate on disseminating beneficial ownership.

The FinCEN–SBA Coordination on Beneficial Ownership Registration Act mandates the Director of the Financial Crimes Enforcement Network (FinCEN) and the Administrator of the Small Business Administration (SBA) to enter into a memorandum of understanding. This collaboration aims to disseminate information about beneficial ownership requirements to reporting companies, trade associations, and entities representing small businesses. The act also requires the Director and Administrator to make the memorandum publicly available on their respective websites.