1. Short title This Act may be cited as the Corporate Transparency Act of 2019 . 2. Transparent incorporation practices (a) In general (1) Amendment to the Bank Secrecy Act Chapter 53 of title 31, United States Code, is amended by inserting after section 5332 the following new section: 5333. Transparent incorporation practices (a) Reporting requirements (1) Beneficial ownership reporting (A) In general Each applicant to form a corporation or limited liability company under the laws of a State or Indian Tribe shall file a report with FinCEN containing a list of the beneficial owners of the corporation or limited liability company that— (i) except as provided in paragraph (3), and subject to paragraph (2), identifies each beneficial owner by— (I) full legal name; (II) date of birth; (III) current residential or business street address; and (IV) a unique identifying number from a non-expired passport issued by the United States, a non-expired personal identification card, or a non-expired driver’s license issued by a State; and (ii) if the applicant is not a beneficial owner, also provides the identification information described in clause (i) relating to such applicant. (B) Updated information Each corporation or limited liability company formed under the laws of a State or Indian Tribe shall— (i) submit to FinCEN an annual filing containing a list of— (I) the current beneficial owners of the corporation or limited liability company and the information described in subparagraph (A) for each such beneficial owner; and (II) any changes in the beneficial owners of the corporation or limited liability company during the previous year