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118-s-5631Committee
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Ownership Clarity Act

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Summary

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The Ownership Clarity Act amends federal law to establish a licensing system allowing financial institutions and their service providers to access beneficial ownership information maintained by the Treasury Department. Access licenses would be issued by the Treasury Director to covered entities for screening purposes related to national security and economic stability, specifically to identify and prevent illicit activity by foreign actors, terrorist financiers, and transnational criminal organizations. Licenses would expire after two years and be renewable, with strict limits on who can access the information and how it may be used or disclosed.

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Bill details

Congress
118
Bill type
s
Introduced
December 19, 2024
Sponsor
Not yet available
Last action
December 19, 2024— Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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