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Bank Secrecy Act › Dispensaries

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Goodwin

Navigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment Processing

Goodwin on

The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more

Stinson LLP

Missouri Financial Institutions Must Prepare for Impending Marijuana Banking Challenges

Stinson LLP on

In November 2018, Missouri voters passed Amendment 2, setting in motion state regulated medical marijuana. Over the last month, the Missouri Department of Health & Senior Services (DHSS) began approving license applications...more

Ballard Spahr LLP

Update: Recent Momentum in Efforts to Provide Cannabis Businesses Access to Financial Services

Ballard Spahr LLP on

We regularly blog about the conflict between state and federal law related to cannabis and the uncertainty regarding how federal criminal and Bank Secrecy Act (“BSA”) law will, or will not, be enforced against financial...more

Ballard Spahr LLP

Financial Services and the Marijuana Industry: the U.S. House Mulls Regulatory Reform for Financial Institutions and...

Ballard Spahr LLP on

Federal legislators continue to struggle over the growing disconnect between increasing State legalization of the cannabis industry, and the continued illegality of cannabis under federal law....more

Nutter McClennen & Fish LLP

Nutter Bank Report, October 2018

Nutter McClennen & Fish LLP on

Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements - The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more

Moore & Van Allen PLLC

Will Congress Clarify Regulation of Marijuana-Related Business?

Moore & Van Allen PLLC on

President Trump piqued the interest of participants in and observers of the marijuana industry when he stated in early June that he would “probably” support recently proposed bipartisan legislation aimed at removing the...more

Burns & Levinson LLP

The Emergence of Cannabis Banking

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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

Banking and the Marijuana Industry

Ballard Spahr LLP on

Part One of a Three-Part Series - We begin this week with a three-part series on banking and the marijuana industry. States continue to pass medical and recreational use marijuana legislation despite that the fact that the...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

Tucker Arensberg, P.C.

Growing Medical Marijuana, Problematic in Bankruptcy, and Out

Tucker Arensberg, P.C. on

Frank Arenas is licensed in Colorado to grow and dispense medical marijuana. He and his wife own a building, half of which is used for the cultivation and the other half of which is leased to a marijuana dispensary. These...more

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