Texas banking laws are contained in Title 3 of the Texas Financial Code, which sets out the requirements for Texas banks and confers regulatory authority on the Department of Banking. The Financial Crimes Enforcement Network (FinCEN) recently announced a notice of proposed rulemaking (NPRM) identifying the international combination of convertible virtual currencies (CVC) as a class of transactions that are of primary concern in the area of money laundering. In response to the terrorist attack by Hamas, FinCEN issued an alert to help financial institutions identify funding sources for the terrorist organization. FinCEN also renewed and expanded its geographic segmentation orders (GTO), which require U.
S. title insurance companies to identify individuals behind companies used in unfunded purchases of residential real estate.
The Glass-Steagall Act, adopted after the Great Depression, represented an expansion of the federal government's role in regulating the financial sector. It is important for businesses operating in Northern Texas to stay up-to-date with changes in financial regulations and policies as they can have a significant impact on businesses. It is also important to be aware of any new laws or regulations that may be introduced in order to ensure compliance with all applicable laws.
Financial institutions should be vigilant when identifying suspicious activities related to the funding of Hamas and should report them to FinCEN. MSB registrant search and MSB registration system for Bank Secrecy Act forms, interactive report of suspicious activity, and statistical resources for financial institutions are available through FinCEN, which is the Financial Intelligence Unit of the United States. The Texas Administrative Code (TAC) is a compilation of all Texas state agency regulations, with 17 titles representing a thematic category and related agencies assigned the corresponding title.