The Cannabis Banking Guidance from California’s Department of Business Oversight (DBO) offers California-chartered financial institutions serving cannabis-related businesses assurances that the DBO will not bring enforcement...more
Community banks and smaller financial institutions take note: the five federal banking agencies are encouraging banks and credit unions to enter into collaborative arrangements to share resources to more effectively and...more
Federal efforts to reduce the restrictions placed on cannabis businesses that operate legally under state law are picking up, with new legislation proposed and indications from the administration that it will let states take...more
Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with...more
Banks face even greater risks and are likely to back away from marijuana-related businesses after the U.S. Attorney General changed the federal government’s stance on legalized pot....more
State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency -
The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more
3/14/2014
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Chadbourne & Parke LLP v Troice ,
Class Action ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Ponzi Scheme ,
SCOTUS ,
SLUSA ,
Virtual Currency
Light ’em Up: FinCEN’s Cautionary Guidance About Banks Working With Marijuana Companies -
The Financial Crimes Enforcement Network’s new guidance on how to work with marijuana-related businesses is unlikely to make it...more
On June 18, 2013, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective highlighting current risks for national banks and federal savings associations. The report, available here, offers...more