This bill requires the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to create a formal agreement within 90 days to coordinate efforts in educating and assisting businesses about beneficial ownership reporting requirements. The legislation aims to increase compliance with the Corporate Transparency Act, which requires certain companies to report information about their true owners to combat money laundering, terrorism financing, and other financial crimes. Under the agreement, the two agencies will disseminate information through multilingual materials, hold town halls and webinars, provide resources through SBA's network of small business development centers, and counter fraudulent reporting schemes. The agencies must meet every six months to review progress and jointly submit monthly reports to Congress detailing outreach efforts, the number of companies assisted, and compliance rates. The bill contains no new federal funding allocations but instead directs existing agency resources toward this coordination initiative.
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