Ownership Clarity Act

This bill creates a new process for financial institutions to access beneficial ownership information (ownership details of companies) solely for national security screening purposes. Covered entities, like banks providing risk management services, must obtain a license from the Director, who will only approve if the request addresses specific threats like terrorism financing, sanctions evasion, or money laundering by foreign actors. Licenses expire after two years and require strict limits on how the data can be used - only for screening services targeting illicit activity, not general business purposes. The bill directly affects financial institutions seeking to verify ownership to protect U.S. financial systems from exploitation by criminals or hostile foreign actors.