H.R. 425 — Repealing Big Brother Overreach Act

This section repeals the Corporate Transparency Act (CTA)—enacted as part of the FY2021 National Defense Authorization Act—which requires reporting companies (i.e., most U.S. corporations, LLCs, and similar entities created by filing with a secretary of state or similar office) to submit beneficial ownership information to FinCEN to combat money laundering, terrorist financing, and other illicit activity. (Thus, companies are no longer required to file initial beneficial ownership reports by January 1, 2025, or update that information within 30 days of changes.) This section also makes conforming amendments to (1) Bank Secrecy Act penalty provisions (31 U.S.C. §§5321(a), 5322) by striking references to the repealed CTA provision (former 31 U.S.C. §5336); and (2) the Anti-Money Laundering Act of 2020 by repealing section 6502 and eliminating subsection (b) of section 6509.