Georgia Financial Crime Regulators Keep Tight Leash on Industry

Georgia’s financial institutions and service providers are subject to a robust regulatory framework at both the federal and state levels. The Georgia Department of Banking and Finance (Department) plays a key role in ensuring compliance, overseeing various financial entities operating within the state.

Comprehensive Oversight

The Department’s purview extends beyond traditional banking institutions to regulate:

Mortgage lenders
Brokers
Processors
Loan originators
Check cashers
Payment instrument sellers/issuers
Money transmitters
Consumer installment lenders
International banking organizations conducting business in Georgia

This comprehensive oversight aims to prevent financial crimes such as:

Fraud
Money laundering
Terrorist financing

Regulatory Responsibilities

The Department does not regulate:

National banks operating within the state or elsewhere
Federal credit unions operating within the state or elsewhere

However, it is responsible for supervising:

State-chartered institutions
Non-bank financial service providers
Out-of-state chartered banks and credit unions operating in Georgia

Enforcement and Collaboration

In addition to its regulatory duties, the Department plays a crucial role in enforcing federal consumer financial laws and anti-money laundering efforts. It works closely with agencies such as:

Consumer Financial Protection Bureau (CFPB)
Financial Crimes Enforcement Network (FinCEN)
Internal Revenue Service (IRS)

Through its robust regulatory framework, the Georgia Department of Banking and Finance is committed to:

Maintaining a safe and sound financial system in the state
Protecting consumers from financial harm
Combating financial crime