Protect Small Business and Prevent Illicit Financial Activity Act

S 3625, the "Protect Small Business and Prevent Illicit Financial Activity Act," tightens reporting deadlines for small businesses required to disclose beneficial ownership information to FinCEN (Financial Crimes Enforcement Network). It changes deadlines from "in a timely manner" or "not later than 1 year" to a strict 90-day window for submitting reports. The bill also explicitly prohibits FinCEN from allowing businesses to skip reporting if they cannot obtain the required information, ensuring all covered entities comply. This directly affects small businesses subject to the beneficial ownership reporting rule under federal law. The changes aim to streamline compliance and enhance transparency to prevent illicit financial activity.