liability companies, set minimum standards for and level the playing field among State formation practices, and bring the United States into compliance with international anti-money laundering and anti-terrorist financing standards, Federal legislation is needed to require the States to obtain beneficial ownership information for the corporations and limited liability companies formed under the laws of such States. 3. Transparent incorporation practices (a) Transparent incorporation practices Part E of title I of the Omnibus Crime Control and Safe Streets Act of 1968 ( 42 U.S.C. 3750 et seq.) is amended by adding at the end the following: 4 Transparent incorporation practices 531. Transparent incorporation practices (a) Incorporation systems (1) In general To protect the United States from the misuse affecting interstate or foreign commerce of corporations and limited liability companies with hidden owners, each State that receives funding under subpart 1 shall, not later than 3 years after the date of enactment of this subpart, use an incorporation system that meets the following requirements: (A) Identification of beneficial owners Except as provided in paragraph (3), each applicant to form a corporation or limited liability company under the laws of the State is required to provide to the State during the formation process information on the beneficial owners of the corporation or limited liability company that includes— (i) identifies each beneficial owner by name, current residential or business street address, and a unique identifying number from a nonexpired passport issued by the United States or a nonexpired drivers license or identification card issued by a State