Bank Fined for Currency Violations
The Treasury Department announced Friday that it is imposing a $1.9-million penalty against Texas Commerce Bancshares. It is the third-largest penalty imposed so far in a government crackdown on bank failures to report large currency transactions.
The department said the penalty was based on more than 7,000 violations by the Houston bank holding company of the Bank Secrecy Act, which requires banks to report any cash transactions involving more than $10,000.
Last month, the government imposed a record $4.75-million fine against Bank of America in San Francisco for currency reporting violations. Last year, Crocker National Bank of San Francisco was fined $2.25 million.
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