If enacted, AB 465 would enhance the efficiency with which financial institutions report high-value transactions, potentially impacting the investigative processes of financial crimes. By clarifying and possibly simplifying the language in the current laws, the bill is expected to facilitate better compliance among financial institutions and improve their ability to adhere to anti-money laundering protocols. Additionally, it aims to ensure that the Department of Justice is equipped to manage the data effectively and respond to potential violations more promptly.
Summary
Assembly Bill 465, introduced by Assembly Member Alanis, aims to amend Section 14165 of the Penal Code concerning the reporting of certain financial transactions. The existing law mandates specified financial institutions to record and report transactions involving over $10,000 to the Department of Justice. Violations of these provisions are classified as crimes. AB 465 seeks to make technical, nonsubstantive changes to streamline these reporting requirements without altering their fundamental essence or the intent behind them.
Contention
One notable aspect of AB 465 is that it does not introduce new legal requirements but rather focuses on refining existing frameworks. Thus, it primarily addresses administrative concerns within the current money laundering regulations. There may be some contention surrounding whether such amendments are necessary or whether they adequately address existing bureaucratic inefficiencies. However, since the changes are deemed technical and nonsubstantive, significant political opposition is not expected at this stage.
Relating to the creation of offices of District Attorney for the Northeast Texas, Central Texas, Southeast Texas, and South Texas Regions and the powers and duties of and related to such officers.
Relating to the creation of the 1st, 2nd, 3rd, 4th, and 5th Regional Administrative Judicial Districts, the creation of the office of regional district attorney for each district, and the powers and duties of regional district attorneys.
Jefferson Co., Tenth Judicial Circuit, Bessemer Division, add'l assistant district attorney provided for, approval by Jefferson County Commission, Sec. 45-37-82.01 am'd.
Jefferson Co., Tenth Judicial Circuit, Bessemer Division, add'l assistant district attorney provided for, approval by Jefferson County Commission, Sec. 45-37-82.01 am'd.