Texas issues supervisory memo on outsourcing compliance functions

Texas Department of banking acknowledged that MSBs may experience difficulty in hiring and retaining qualified compliance personnel.

Supervisory Memorandum 1015 establishes the policy regarding the outsourcing of an MSB's compliance function.

An MSB may outsource any part of its compliance program including having experienced consultants assist in the design and performance of the compliance program, as long as a knowledgeable employee has final decision-making authority in this area.

View Supervisory Memorandum 1015 for complete guidance.