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Read. Follow. Verify.Senate Hearing on Beneficial Ownership Information Collection
Record date · January 1, 2019
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What This Bill Does
The Senate Committee on Banking, Housing, and Urban Affairs held a hearing on June 20, 2019, to discuss the potential impacts of requiring the collection of information for companies. The discussion focused on how such requirements could help prevent the misuse of anonymous shell companies for money laundering, terrorist financing, and while balancing privacy and business concerns.
This hearing explored legislative proposals to require companies to disclose their true owners to the government, a change that would impact how businesses are formed and how banks and law enforcement track illicit financial activity.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
American businesses
New requirements for disclosing ownership information would change the process of company formation and reporting obligations.
Banks and financial institutions
These entities would be impacted by changes in how they verify customer identity and monitor financial transactions.
Law enforcement agencies
Access to beneficial ownership data would change the tools available for investigating financial crimes.
Key Facts
- The hearing was held on June 20, 2019, in the Dirksen Senate Office Building.
- The committee examined the impact of collecting beneficial ownership information at the time of company formation.
- The discussion addressed the use of anonymous shell companies in money laundering, terrorist financing, and sanctions evasion.
- The committee evaluated methods for collecting and periodically updating beneficial ownership data.
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- The hearing addressed privacy concerns and the security of collected ownership information.
- Witnesses included representatives from the Bank Policy Institute, the National Federation of Independent Business, and the Financial Accountability and Corporate Transparency Coalition.
- Numerous organizations submitted letters for the record, including the American Bar Association, the Fraternal Order of Police, and the National Association of Manufacturers.
Frequently Asked Questions
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Corporate Transparency
The hearing highlights a significant legislative effort to move away from anonymous corporate structures toward mandatory disclosure.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance80How much this matters to a regular citizen
- Controversy50Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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