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