A big Texas bank was fined $1.9 million.
- Share via
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.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.