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United States · Bill · HR

H.R. 5119 (118th)

Protect Small Business and Prevent Illicit Financial Activity Act

referredUnited States· United States Congress· EN

Introduced

1 August 2023

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

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Subjects

Discovery layer

Source updated

5 December 2025

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Summary

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).

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Documents

11 official files

Referred in Senate (text)

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