Wednesday, July 28, 2021
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Banking Cannabis Businesses: FinCEN Guidance, Due Diligence Policies and Procedures and Risk Management, Webinar

August 5 @ 1:30 pm - 3:00 pm CDT

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Although marijuana remains a Schedule I substance federally, thirty-four states have now legalized either medical marijuana, recreational marijuana, or both, and even more states are poised to pass legislation soon. This has opened an entirely new, booming industry, packed with businesses who need deposit accounts, loans, and other financial products.

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. 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? This timely session will address these questions, differentiate between marijuana-related and hemp-related laws, and map out the landmines. Learn the facts so you can make an informed decision about whether to serve these businesses.

Join us as we take the stigma out of banking cannabis-related businesses, and help you prepare your policies, procedures and best practices.

Program Highlights

  • Differentiate hemp-related, marijuana-related, and CBD businesses hemp
  • Distinguish FinCEN’s recent guidance for conducting due diligence on hemp-related businesses and FinCEN’s MRB guidance
  • Ask the “right” questions at account opening to avoid “discovering” a cannabis business long after the fact
  • Update your compliance program, including risk assessment, monitoring, and training
  • Discuss legislation on the horizon regarding banking marijuana-related businesses
  • Use provided tools to establish your initial and ongoing due diligence for these accountholders

Who Should Attend?

This informative session will benefit loan officers, branch managers, operations personnel, BSA officers, and compliance officers.