ICBA backs amendment to advance 'beneficial owner' reform

ICBA and other groups called on Senate leaders to include "beneficial ownership" disclosure relief in the 2021 National Defense Authorization Act.

The ICBA-advocated amendment would create a secure registry at the Financial Crimes Enforcement Network and require certain small businesses to disclose their beneficial owners when they are formed or there is a change in ownership structure.

The amendment would relieve community banks of the burden of collecting this information from their customers. Similar ICBA-advocated legislation—the Corporate Transparency Act (H.R. 2513)—passed the House in October.