1. Short title This Act may be cited as the Modernizing Illicit Financial Accountability and Reporting Act . 2. Studies and reports (a) Beneficial ownership Not later than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to the Congress a report— (1) evaluating the effectiveness of the collection of beneficial ownership information under the final rule of the Department of the Treasury entitled Customer Due Diligence Requirements for Financial Institutions ( CDD rule ) and published May 11, 2016 (81 Fed. Reg. 29397), including— (A) whether law enforcement agencies have had timely access to the information; (B) the utility of such information in law enforcement investigations or prosecutions; (C) an analysis of the reporting burden placed on financial institutions versus the utility of such information being made available to law enforcement; and (D) whether further legislation is required to reduce regulatory burdens or increase the utility and timely access of such information to law enforcement; (2) assessing the effectiveness of incorporation practices implemented under the CDD rule. (b) Comprehensive cost-Benefit analysis Not later than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to the Congress a report— (1) providing a comprehensive quantitative and qualitative estimate of the annualized costs to the private sector to comply with the statutory and regulatory requirements of the Bank Secrecy Act and related anti-money laundering laws and regulations; (2) providing a comprehensive qualitative and quantitative analysis of the effectiveness of the current anti-money laundering and counter terrorist financing framework in preventing, detecting, and prosecuting terrorist and illicit financing