CDD for Marijuana-Related Businesses

When it comes to your BSA/AML program, you need to conduct customer due diligence on all of your accounts. If you have marijuana-related business customers, they are obviously higher risk and will require more of your time and effort. One way to determine the level of customer due diligence is to break down the types of marijuana-related businesses you are dealing with.

Kevin explains more in the video.

Video Highlights:

• Customer due diligence is imperative for all accounts, and marijuana-related businesses are particularly high-risk.
• One method to determine the level of due diligence needed is by breaking the types of marijuana-related businesses down into tiers based on risk.
• Banks might choose to monitor the tiers differently, such as only banking certain tier companies and/or creating special procedures for them.

Published
2023/02/16