Memorandum of understanding to ensure the dissemination of covered information

(a) Meeting Not later than 30 days after the date of the enactment of this Act, the Administrator and the Director shall meet to discuss the contents of the memorandum of understanding required by subsection (b). (b) Memorandum of understanding Not later than 90 days after the date of the enactment of this Act, the Administrator and the Director shall enter into a written memorandum of understanding to jointly carry out the following activities: (1) Disseminating covered information to reporting companies and trade associations and other entities that represent small business concerns, including dissemination through resource partners of the Administration. (2) Ensuring covered information is made available in English, Spanish, and any additional languages as jointly determined by the Director and the Administrator. (3) Ensuring that the homepage of the website of the Administration includes a link to the relevant webpages of FinCEN relating to beneficial ownership requirements and registration for reporting companies. (4) Implementing a plan to identify and counter scams or other fraudulent schemes related to, or purporting to be, beneficial ownership reporting, and to educate reporting companies and trade associations and other entities that represent small business concerns about such scams or fraudulent schemes. (5) Hosting in-person town halls and webinars— (A) organized by the Administrator, acting through national or regional offices of the Administration; (B) that feature presentations by FinCEN staff on compliance with beneficial ownership requirements; and (C) that are advertised to reporting companies and trade associations and other entities that represent small business concerns. (6) Implementing a plan to use field offices of the Administration and Domestic Liaisons of FinCEN for the in-person town halls and webinars described in paragraph (5). (7) Any other activities the Director and the Administrator determine necessary to increase the number of reporting companies in compliance with beneficial ownership requirements. (c) Public availability of memorandum of understanding Not later than 7 days after the date on which the Director and Administrator enter into a memorandum of understanding under subsection (b), the Director and the Administrator shall each make the memorandum publicly available on a website of FinCEN and the Administration, respectively. (d) Meetings Not later than 6 months after the date on which the Director and Administrator enter into a memorandum of understanding under subsection (b), and every 6 months thereafter, the Director (or a designee) and the Administrator (or a designee) shall review the following: (1) Issues related to, and continued coordination on, the requirements of the memorandum. (2) Challenges associated with increasing the number of reporting companies in compliance with beneficial ownership requirements. (3) Reasons provided by reporting companies to covered agencies for failing to comply with beneficial ownership requirements. (4) Strategies for collaboration to address the reasons described in paragraph (3). (5) Any other topics the Director and the Administrator determine necessary. (e) Compensation The Director (or a designee) and the Administrator (or a designee) may not receive compensation for attending a meeting required by subsection (d).