An international commodities trading company pled guilty and paid monetary penalties to resolve DOJ charges for violating the Foreign Corrupt Practices Act. The company had been charged with bribing then-public officials of an Ecuadorian state-owned oil company to secure business advantages and contracts.
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Treasury Secretary Janet L. Yellen congratulated staff at the Financial Crimes Enforcement Network for the successful launch of the beneficial ownership reporting system. The reporting requirements went into effect on January 1, 2024.
FinCEN started accepting beneficial ownership reports as of January 1, 2024.
Representative Patrick McHenry, Chair of the House Financial Services Committee, demanded a delay to the January 1, 2024 effective date for FinCEN's final rule on the reporting of beneficial ownership information.
The CFPB asserted that restrictions imposed by dominant operating systems on point-of-sale payment methods may have an "outsized effect" and hurt the development of a "truly open ecosystem."