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Understanding Marijuana Business Compliance for the Board

Mar 05 2:00 PM - Mar 05, 2020 3:30 PM
Mar 05, 2020 2:00 PM - 3:30 PM

Are you offering deposit accounts or loans to marijuana – or hemp-related businesses? What does the board need to consider? What are the compliance requirements? Learn the details necessary to make an informed decision with this timely program.

Learning Objectives

  • Distinguish between hemp-related, marijuana-related, and CBD businesses
  • Understand the requirements of the USDA Interim Final Rule for industrial hemp and FinCEN’s marijuana-related business (MRB) guidance
  • Update your compliance program, including risk assessment, monitoring, and training
  • Establish an initial and ongoing due diligence process
  • Discuss legislation on the horizon for banking marijuana-related businesses

Thirty-three states have now legalized some form of marijuana. In addition, the Hemp Farming Act of 2018 legalized industrial hemp and hemp-derived CBD at the federal level – creating an entirely new industry with accountholders in need of deposit accounts, loans,and other financial products. Will your institution provide services to marijuana-related businesses? Hemp-related businesses? Both?

Many financial institutions are hesitant to serve these businesses due to perceived risks and confusion about marijuana- and hemp-related laws. Where do you start? What are the risks? What initial and ongoing due diligence and reporting will be expected? This session will answer these questions and more.



Dawn Kincaid, Brode Consulting Services, Inc.

Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years’ experience in client service, operations, information technology,administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.




Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Compliance
  • Board Governance