Customer Due Diligence for Marijuana-Related Businesses

In case you missed it Arizona, Mississippi, Montana, New Jersey and South Dakota voted to legalize recreational marijuana during the last election cycle.  This adds to the growing list of States that have already done so.  If you don’t currently bank marijuana-related businesses (MRBs), we believe it’s only a matter of time before you are faced with this decision because even if your state hasn’t legalized recreational marijuana, you likely border a state that has or will in the near future.

Banking MRBs obviously increases your risk-profile, but implementing appropriate customer due diligence procedures and processes can help you mitigate and manage that risk.

Listen how Kevin explained this in a recent webinar.

If you’d like to learn more we have a “BSA/AML and Cannabis” webinar coming up on February 18, 2021.  Some of the topics we will cover include:

  • New Guidance From FinCEN on Banking Cannabis Producers
  • What Was Updated & What Should You Do?
  • Hemp, CBD and Marijuana… Know The Difference
  • Enhanced Customer Due Diligence Expectations
  • How To Appropriately Address Cannabis in YOUR Risk Assessment
  • What Should You Be Doing Differently Before Your Next Examination?

Find all BSA Resources HERE!


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