This bill, titled the "FinCEN-SBA Coordination on Beneficial Ownership Registration Act," requires the Director of the Financial Crimes Enforcement Network (FinCEN) and the Administrator of the Small Business Administration (SBA) to enter into a memorandum of understanding (MOU). This MOU is intended to ensure the effective dissemination of information regarding beneficial ownership reporting requirements to small businesses and other reporting companies. The legislation emphasizes that full implementation of the Corporate Transparency Act is critical for national security and combating illicit financial activities.

The MOU, which must be established within 90 days of enactment, will outline joint activities to increase compliance. Key provisions include disseminating covered information to reporting companies and trade associations, making information available in English, Spanish, and other languages, and linking FinCEN's beneficial ownership pages on the SBA's website. Furthermore, the agencies must implement a plan to identify and counter scams related to beneficial ownership reporting and educate businesses about such schemes.

To further outreach, the MOU requires hosting in-person town halls and webinars featuring FinCEN staff, organized through the SBA's national or regional offices and advertised to reporting companies. These events will utilize the SBA's field offices and FinCEN's Domestic Liaisons. The Director and Administrator will also meet every six months to review coordination, challenges, and strategies for increasing compliance, including addressing reasons for non-compliance.

Finally, the bill mandates regular joint reports to Congress, beginning 30 days after the MOU is signed and every 30 days thereafter. These reports must detail actions taken under the MOU, the estimated number of reporting companies reached, and the total number of companies in compliance with beneficial ownership requirements, along with planned future actions.