News & Analysis as of

Money Laundering FinCEN Marijuana

J.S. Held

Current Trends in Banking for Cannabis-Related Businesses (CRBs)

J.S. Held on

Weed, pot, reefer, Mary Jane, ganja – cannabis has as many slang names as it does methods of ingestion. No matter which name is used, cannabis is federally illegal and is included on Schedule 1 of the Controlled Substances...more

Carlton Fields

Credit Unions Ask Senate Banking Committee to Make Cannabis Banking Safe

Carlton Fields on

In the latest chapter of the ongoing saga of the U.S. Senate’s consideration and hopeful passage of the Secure and Fair Enforcement (SAFE) Banking Act, on February 7, 2020, the Credit Union National Association (CUNA) sent a...more

Seyfarth Shaw LLP

Will Banks be Able to Play it SAFE with Marijuana Related Businesses?

Seyfarth Shaw LLP on

Marijuana is estimated to be a $10 billion industry and rapidly growing. Almost all of it is conducted in cash. Although legal in thirty three states plus Washington, D.C., Puerto Rico and Guam, marijuana remains illegal at...more

The Volkov Law Group

U.S. Marijuana Laws Cause Uncertainty for Financial Institutions

The Volkov Law Group on

The quasi-legal status of marijuana in today’s United States is raising serious questions about federalism and enforcement for U.S. financial institutions. It is well known that marijuana is still classified as a Schedule I...more

Buchalter

Cannabis, Cash, and Crime

Buchalter on

ON OCTOBER 2, 2012, kidnappers robbed and abducted a marijuana dispensary owner from his Newport Beach home. They then drove him to the Mojave Desert where they tortured him and demanded that he reveal where he had buried his...more

Burns & Levinson LLP

The Emergence of Cannabis Banking

Burns & Levinson LLP on

In the fast-growing legalized cannabis industry, one of the major obstacles for businesses has been—and continues to be—access to banking services. Because cannabis remains a Schedule I drug and unlawful at the federal level...more

Ballard Spahr LLP

Marijuana Enforcement: DOJ Cole Memo Up in Smoke

Ballard Spahr LLP on

Attorney General Sessions Announces Rescission of Obama Administration Policies on Marijuana Enforcement; Financial Institutions Lose Grounds to Permit Financial Transactions with Marijuana Businesses....more

Kelley Drye & Warren LLP

Money Laundering Watch: Promotional Money Laundering and Marijuana-Related Businesses

Kelley Drye & Warren LLP on

The October 27, 2017 indictments of Paul Manafort and Richard Gates have put money laundering in the spotlight. Much of the press coverage and commentary on the indictments focused on the charge of money laundering...more

Ballard Spahr LLP

Continued and Unexpected Roadblocks to Serving MRBs: Fourth Corner Credit Union v. Federal Reserve Bank

Ballard Spahr LLP on

Part Two of a Three-Part Series - In the second part of this series, we explore the practical effects of the FinCEN and DOJ guidance documents on industries attempting to serve marijuana related business (“MRBs”). On June...more

Tucker Arensberg, P.C.

FinCEN issues Marijuana Banking Update Report

Tucker Arensberg, P.C. on

The Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN), issued a Marijuana Banking Update Report for the period ending March 31, 2017. Back in January, I wrote about a bi-partisan group of...more

K2 Integrity

State Ballot Wins Only Amplify Questions About Pot Banking

K2 Integrity on

The 2016 election will be remembered not only for the memorable presidential race but also for what was effectively a national referendum on cannabis. Eight states passed laws allowing its use. Medical marijuana is now...more

Broker-Dealer Compliance + Regulation

Toke on This: FinCEN Issues Guidelines for Marijuana-Related Businesses

The Financial Crimes Enforcement Network (FinCEN) got a whiff of the fact that financial institutions provide services to burgeoning marijuana-related businesses and published guidance to clarify customer due diligence...more

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