Approximately thirty-three states and the District of Columbia have legalized
marijuana in some form. This new industry has provided opportunities to
entrepreneurs, and these new businesses need banking services. But with
marijuana use and sale still illegal at the federal level and the repeal of the
Cole Memo, your institution may be hesitant to serve marijuana-related
businesses (MRBs). This webinar will dive into marijuana-related regulations
and review FinCEN guidance to help you establish due diligence
policies/procedures and develop MRB monitoring strategies to ensure compliance.
- Understanding the types of MRBs
- FinCEN guidance and how to
incorporate it into your process
- Risk rating MRBs based on tiers of business
- Suspicious activity reporting requirements for MRBs
- Initial and
ongoing due diligence to detect and monitor MRB activity
Dawn Kincaid, Brode Consulting Services, Inc.