Guidance on Banking Hemp Customers from FinCEN - 2020
Recorded on July 20, 2020
Have you completed this webinar? Please tell us what you think.
This one hour update will cover the new FinCEN guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. This guidance explains how financial institutions can conduct due diligence for hemp-related businesses, and identifies the type of information and documentation financial institutions can collect from hemp-related businesses to comply with BSA regulatory requirements. This clarification is intended to enhance the availability of financial services for, and the financial transparency of, hemp-related businesses in compliance with federal law. This guidance supplements the December 3, 2019 interagency statement on providing financial services to customers engaged in hemp-related businesses (December Hemp Statement).
-Understanding and implementing the new guidance
-What is hemp and CBD Oil from Hemp?
-BSA Program expectations
-SAR Reporting, as needed
-Updating your policy and procedures
-Updating your new account questionaire
-Review of December 2019 guidance
-USDA Regulations and federal law on hemp
You will receive:
State statutes, Federal law and regulations on Hemp
FinCEN Hemp Guidance
Cannabis State Law Guidance
Cannabis & Cannabidiol Table
Questions and Answers