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2021 Cannabis Update: Legalization, Banking Issues & More

Apr 26 2:00 PM - Apr 26, 2021 3:30 PM
Apr 26, 2021 2:00 PM - 3:30 PM
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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?

Learning Objectives

  • 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 industry
  • 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.

Agenda

Speakers

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.

Location

Fees

$259.00 

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Executive Management
  • Compliance