As states move forward in both marijuana and hemp, the federal law lags behind in the area of marijuana. Hemp on the other hand has been on a journey from the Farm Bill 2018 to the USDA regulations issued at the end of 2019. Where are we now? What is FinCEN’s position on hemp and marijuana?
During this program we will discuss, how to check your state statutes, understand where we are now both federally and on the state level with hemp and marijuana. As the federal government makes way for a new brand of hemp customers, we have to make decisions about banking hemp and what our policy and procedures would look like. FinCEN has BSA expectations but the good news is that these don’t include filing SARs on hemp customers and related businesses. This is a 2020 update on hemp and marijuana and may help you shape your decisions about how to move forward as our states and government authorities set the parameters for banking this new industry.
Alert! FinCEN releases guidance on banking hemp businesses.
The Financial Crimes Enforcement Network (FinCEN) is issuing guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. This guidance explains how financial institutions can conduct due diligence for hemp-related businesses, and identifies the type of information and documentation financial institutions can collect from hemp-related businesses to comply with BSA regulatory requirements.
- Understanding the current USDA regulations on Hemp
- Learn how your state law can impact the decision to bank hemp customers
- What is FinCEN’s position on hemp? On marijuana?
- What would be the BSA considerations and risk to our financial institution
- Writing your hemp and marijuana policy
- Build your questionnaire, risk assessment, CIP, Beneficial Ownership Procedures
- Monitoring and measuring risk
What you will receive:
- 50 state chart on marijuana and hemp
Who Should Attend?
BSA Officers, Compliance Officers, Operations, Lending and Management.
Please note: This site employs features that may cause unexpected behavior in older versions of Internet Explorer. If you experience a problem, try refreshing your screen. If this doesn't solve the problem, click on this link.
You may contact us by using the Online Chat button below.