; (2) to establish beneficial ownership reporting requirements to improve transparency concerning corporate structures and insight into the flow of illicit funds through such structures, discourage the use of shell corporations as a tool to disguise illicit funds, assist law enforcement with the pursuit of serious crimes, and protect the national security of the United States; (3) to modernize anti-money-laundering and counter-financing-of-terrorism laws to adapt the government and private sector response to new threats; (4) to encourage technological innovation and the adoption of new technology by financial institutions to more effectively counter money laundering and terrorist financing; and (5) to reinforce that the anti-money-laundering and countering-the-financing-of-terrorism policies, procedures, and controls of financial institutions shall be risk-based. 3. Definitions In this Act: (1) Bank Secrecy Act The term Bank Secrecy Act means— (A) section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ); (B) chapter 2 of title I of Public Law 91–508 ( 12 U.S.C. 1951 et seq.)