Advertisement

A big Texas bank was fined $1.9 million.

Share

Texas Commerce Bancshares of Houston agreed to pay the civil fine for failure to report large currency transactions. The Treasury Department said the fine covered more than 7,000 violations of the Bank Secrecy Act, which requires banks to report any cash transactions involving more than $10,000. The law is aimed at giving law enforcement authorities a way to track money laundering activities by organized crime. Government officials said there was no evidence that Texas Commerce had engaged in criminal activity in connection with the violations.

Advertisement