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This bill would delay enforcement of federal beneficial ownership reporting requirements for at least one year and impose conditions on the Financial Crimes Enforcement Network before it can spend money on enforcement. The legislation requires the agency to finalize all rules related to beneficial ownership reporting and allow businesses to submit their reports by mail rather than only electronically. The bill affects small businesses and other entities that would be subject to federal requirements to disclose their true owners to combat money laundering and financial crimes. No specific funding amount is mentioned in the legislation, but it essentially prevents the Treasury Department from allocating resources to enforce these reporting rules until these conditions are met.

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