Customer Due Diligence for Marijuana-Related Businesses
In case you missed it Arizona, Mississippi, Montana, New Jersey and South Dakota voted to legalize recreational marijuana during the last election cycle. This adds to the growing list of States that have already done so. If you don’t currently bank marijuana-related businesses (MRBs), we believe it’s only a matter of time before you are faced with this decision because even if your state hasn’t legalized recreational marijuana, you likely border a state that has or will in the near future.
Banking MRBs obviously increases your risk-profile, but implementing appropriate customer due diligence procedures and processes can help you mitigate and manage that risk.
Listen how Kevin explained this in a recent webinar.
If you’d like to learn more we have a “BSA/AML and Cannabis” webinar coming up on February 18, 2021. Some of the topics we will cover include:
- New Guidance From FinCEN on Banking Cannabis Producers
- What Was Updated & What Should You Do?
- Hemp, CBD and Marijuana… Know The Difference
- Enhanced Customer Due Diligence Expectations
- How To Appropriately Address Cannabis in YOUR Risk Assessment
- What Should You Be Doing Differently Before Your Next Examination?
Find all BSA Resources HERE!
Published
2021/01/19
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).