Today, the Senate Judiciary Committee held a hearing on the True Incorporation Transparency for Law Enforcement (TITLE) Act. While the goal of the bill is to prevent terrorists and criminals from accessing capital, the bill, if passed, would also impose serious and extremely burdensome reporting requirements on ACCA members. ACCA joined forces with a handful of others to share with Senators Grassley & Feinstein our concerns about the
legislation's unintended cost on business owners. Under the TITLE Act every layer of
corporation and LLC would have to identify all qualifying “beneficial owners”, and report the personal information of those individuals. In other words, the TITLE Act would compel you to fully disclosure the personal information of all your business owners, which you might have only limited means to obtain or verify, let alone on a timely basis.
To learn more about the TITLE Act and to see our letter.