Could a cannabis business open an account or borrow from your financial
institution? Or does confusion remain regarding the difference between
marijuana- and hemp-related laws?
- Define direct MRBs versus indirect MRBs
- Discuss risk-based approaches to due diligence, monitoring, and reporting
- Understand the requirements set forth in FinCEN guidance
- Distinguish between MRBs and legalized industrial hemp-related businesses
- Discover best practices for providing specific banking products and services to this
- Utilize provided tools to support your due diligence process
Although marijuana remains a Schedule I substance federally, as of November 2020, 34
states have legalized either medical marijuana, recreational marijuana, or both. This has
created an entirely new, booming industry, packed with businesses who need deposit
accounts, loans, and other financial products.
Where do you start? What are the risks? What due diligence is required? What about all
the cash transactions, CTRs, and SARs? What reporting is expected? In this session we
will address these questions, differentiate between marijuana-related and hemp-related
laws, and map out the landmines. Let’s learn the facts so you can make an informed
decision about whether to serve these businesses.
Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She
has over 20 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.