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It’s been a journey from the Farm Bill 2018 to the USDA regulations issued at the end of 2019. Where are we now? What is FinCEN’s position on hemp? During this program we will discuss, how to check your state statutes, understand where we are now both federally and on the state level with hemp. As the federal government makes way for a new brand of customers, we have to make decisions about banking hemp and what our policy and procedures would look like. FinCEN has BSA expectations but the good news is that these don’t include filing SARs on hemp customers and related businesses. This is a 2020 update on hemp and may help you shape your decisions about how to move forward as our states and government authorities set the parameters for banking this new industry.
What you will learn:
-Understanding the current USDA regulations
-Learn how your state law can impact the decision to bank hemp customers
-What is FinCEN’s position on hemp?
-What would be the BSA considerations and risk to our financial institution
-Writing your hemp policy
-Build your questionnaire, risk assessment, CIP, Beneficial Ownership Procedures for Hemp growers and related businesses
-Monitoring and measuring risk
What you will receive:
50 state chart on marijuana and hemp
State Law Chart
Questions and Answers