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Course description

FinCEN and the USDA provided additional guidance to provide banking services to hemp related businesses; however, there have been no updates relating to marijuana, CBD oil and other cannabis derived products or for businesses that indirectly provide services to the cannabis industry. As the number of states with some form of legalized cannabis product grows, the need to align your policy and procedures with your board's appetite for risk grows. In this session we will provide an overview of a risk based cannabis program and demonstrate how to align risk with current regulatory guidance.

 

This 90 minute webinar will review the June 2020 FinCEN CDD Guidance on Hemp Related Customers and the January 2021 USDA Final Rule on U.S. Domestic Hemp Production. We will discuss CDD recommendations for banking hemp and CBD entities, including circumstances in which a SAR may be filed. This session will also do a deep dive into the risk considerations for banking all risk levels of marijuana customers from growers to dispensaries to employees of those entities and will point out considerations senior management and Board members should keep in mind if deciding to bank a marijuana related business.  We will also review pricing strategies for MRB accounts and third party considerations.  Finally, we will review pending congressional legislation that may pave the road for more financial institutions to do business with marijuana related businesses.

 

Who Should Attend: BSA Officers, Compliance Officers, Chief Risk Officers, Auditors, Board Members, Senior Management

Instructor(s)

Robin Guthridge

Robin has a strong background in Bank Secrecy Act (BSA) compliance, leadership, and sales management. In addition to performing BSA examinations and validations of automated surveillance monitoring systems, she provides high level consultations regarding all aspects of the BSA and assists institutions with post examination remediation and enforcement action resolution. Robin is a sought-after speaker for local, state, and national industry events and provides customized BSA and deposit compliance training solutions. Her firsthand experience working in the financial services industry allows Robin to provide meaningful insight and helpful recommendations in the areas of BSA, Title 31, and deposit compliance. Her goal is to exceed expectations with every contact.

Course curriculum

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