The New York State Department of Financial Services fined and delicensed a virtual currency trading firm for numerous compliance violations of New York State's Virtual Currency Regulation.
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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.
In a newly issued Fact Sheet, Treasury highlighted recent efforts to fight corruption and enhance its AML efforts.