H.R. 5119
Gives small companies more time to file and update beneficial ownership reports with FinCEN.
High confidence
AI scores averaged: +1 from typesafe:jev-1.13.0, +1 from claude-opus-5-5. Compare the models
Delays an anti-money-laundering database meant to expose shell companies.
Low confidence
AI score: −1 from claude-opus-5-5. Compare the models
Protect Small Business and Prevent Illicit Financial Activity Act This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity. The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days).
Summary by the Congressional Research Service, passed house version.
On Motion to Suspend the Rules and Pass, as Amended, Dec 12, 2023 · Passed