FinCEN Guidance On Bank Secrecy Act Expectations Regarding Marijuana-Related Businesses

more+
less-

Full text copy of the Department of Treasury Financial Crimes Enforcement Network (FinCEN) guidance clarifying the Bank Secrecy Act expectations for financial institutions seeking to provide banking services to marijuana-related businesses. From the guidance:

"FinCEN is issuing this guidance in light of recent state initiatives to legalize certain marijuana-related activity and related guidance by the U.S. Department of Justice (“DOJ”) concerning marijuana-related enforcement priorities. This FinCEN guidance clarifies how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations, and aligns the information provided by financial institutions in BSA reports with federal and state law enforcement priorities. This FinCEN guidance should enhance the availability of financial services for, and the financial transparency of, marijuana-related businesses."

LOADING PDF: If there are any problems, click here to download the file.

Published In: Conflict of Laws Updates, Criminal Law Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© JD Supra Perspectives | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »