Sec. 4. Anti-money laundering and anti-terrorist financing obligations of formation agents
205 words·~1 min read·
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Section 5312(a)(2) of title 31, United States Code, is amended— in subparagraph (Y), by striking or at the end; by redesignating subparagraph
(Z)as subparagraph (AA); and by inserting after subparagraph
(Y)the following: any person engaged in the business of forming corporations or limited liability companies; or . Not later than 120 days after the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, shall publish a proposed rule in the Federal Register requiring persons described in section 5312(a)(2)(Z) of title 31, United States Code, as amended by this section, to establish anti-money laundering programs under subsection
(h)of section 5318 of that title. Not later than 270 days after the date of enactment of this Act, the Secretary of the Treasury shall publish the rule described in this subsection in final form in the Federal Register. Any rule promulgated under this subsection shall exclude from the category of persons engaged in the business of forming a corporation or limited liability company— any government agency; and any attorney or law firm that uses a paid formation agent operating within the United States to form the corporation or limited liability company.