July 25, 2019

FinCEN investigates possible Bank Secrecy Act and AML failures at Texas bank

CBTX, Inc. (the Community Bank of Texas) reported in a quarterly filing with the Securities and Exchange Commission on July 25, 2019, that it is the subject of an investigation by the Financial Crimes Enforcement Network of the US Department of the Treasury regarding Bank Secrecy Act and anti-money laundering compliance by the Bank.  CBTX reported that it is cooperating with the FinCEN investigation, that it has spent and that it has incurred millions of dollars of fees and expenses since the investigation began, and anticipates that it will continue to incur material fees and expenses through the completion of the FinCEN investigation.

Form 10-Q