Effective Now! New FinCEN Guidelines for Banking Hemp-Related Businesses

This is a morning webinar.

8:00 am – 9:30 am PT
9:00 am – 10:30 am MT
10:00 am – 11:30 am CT
11:00 am – 12:30 pm ET

Banking hemp-related businesses just got easier! New FinCEN guidance provides clarity and outlines specific requirements for due diligence and hemp-related SARs. Learn the ins and outs with this timely webinar.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

• Distinguish between a hemp business and a marijuana business under federal law
• Understand when your bank should file a standard SAR in lieu of a “marijuana” SAR
• Conduct the specific due diligence required on a hemp business
• Explain the specific information and documentation your bank must collect for a hemp business
• Define the differences in your bank’s requirements for a hemp business versus a marijuana business

WEBINAR DETAILS

It is crucial for your bank to understand the law for banking hemp and/or marijuana businesses. On June 29, 2020, FinCEN issued a new guidance which is intended to “enhance the availability of financial services for, and the financial transparency of, hemp-related businesses.” This new guidance provides clarity to previous interagency statements. It sets forth your bank’s specific due diligence requirements and SAR reporting requirements for hemp-related businesses. In fact, this guidance can make your bank’s process easier, but you need to understand how it works. This webinar will explain it all in detail.

Attendance certificate provided to self-report CE credits.

WHO SHOULD ATTEND?

This informative session is designed for deposit operations personnel, loan operations personnel, officers, customer service representatives, BSA personnel, compliance personnel, attorneys, and managers.

TAKE-AWAY TOOLKIT

• FinCEN guidance dated 6/29/20, Due Diligence Requirements Under the Bank Secrecy Act for Hemp-Related Business Customers
• FinCEN guidance dated 12/3/19, Providing Financial Services to Customers Engaged in Hemp-Related Businesses
• FinCEN guidance dated 2/14/14, BSA Expectations Regarding Marijuana-Related Businesses
• Employee training log
• Interactive quiz

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.