September 15 at 12:30 PM - 01:30 PM EST

Banking Cannabis-Related Businesses: Marijuana, Hemp and CBD

Regulatory and Due Diligence Considerations for BSA/AML and Risk Management Programs

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The burgeoning U.S. cannabis industry is subject to a complex regulatory compliance landscape, with laws differing from coast to coast, at state and federal levels, and varying between marijuana-related businesses (MRBs), CBD-related businesses, and hemp-related businesses. As profits flourish, financial institutions are facing significant regulatory uncertainty regarding the risks and rewards of banking cannabis-related businesses (CRBs).

Join Jim Richards, former BSA Officer at Wells Fargo, Heather Allen, First Vice President and BSA Officer at Peoples Bank, and Corey Lynch, Product Expert at Verafin, as they discuss the intricacies of banking CRBs. From informative industry perspectives to the latest developments, these speakers will keep you informed of the importance of effective procedures for segmenting and periodically reviewing CRBs with a risk-based approach that aligns with your institution’s risk appetite. 

Highlights from this CAMS-accredited webinar include:

  • Background on the scale of the cannabis industry, how derisking impacts the U.S. financial system, and the potential BSA/AML risks of this high-risk customer category.
  • An overview of recent industry guidance and compliance obligations surrounding CRBs.
  • A discussion regarding the challenges of Customer Due Diligence for high-risk customers, including segmentation, risk assessment and scoring, monitoring, and managing risk reviews for CRBs.
  • A discussion on the role of data and technology to improve customer due diligence, risk management and compliance processes for CRBs.

Verafin will provide attendees with a certificate of attendance for 1 CAMS Credit. Attendees are responsible for submission of the certificate and reporting of credits to ACAMS.


Corey Lynch

Product Expert

Corey has been an integral part of the Verafin team since 2014. As a Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) and High-Risk Customer Management Product Manager, Corey worked closely with our customer partners to understand their unique product needs and identify areas for future product development. Currently a member of the Sales and Marketing team, Corey shares his wealth of product knowledge with potential customer partners to help them identify the best solutions for their institutions. Corey is passionate about helping Verafin customers achieve their goals and stopping financial crime.

Heather Allen

First Vice President, BSA Officer, Peoples Bank

Ms. Allen is the BSA Officer for Peoples Bank, North Carolina. The Bank has been in business since 1912, and provides traditional community banking services, as well as investment services, mortgages, insurance and real estate appraisal services. As the BSA Officer, Ms. Allen is responsible for creating a program that can detect and prevent financial crime. Ms. Allen is a board member for Virginia’s and Carolina’s Association of Certified Anti-Money Laundering Specialists. She is a certified anti-money laundering expert and holds three professional certifications in addition to a BA from Wells College. She has written several articles, and speaks on a variety of different topics related to anti-money laundering, cannabis banking, money services businesses and fraud prevention.

Jim Richards

Senior Strategic Advisor, Verafin;
Founder and Principal, RegTech Consulting LLC;
Former Executive Vice-President and Director of Financial Crimes Risk Management, Wells Fargo

Jim Richards is a Senior Advisor to Verafin Inc., the leading provider of fraud detection and BSA/AML collaboration software for financial institutions in North America. Jim is also the principal and founder of RegTech Consulting LLC, focused on developing the next generation of financial crimes technologies and professionals, and providing strategic advice on all aspects of financial crimes risk management.

Prior to founding RegTech Consulting, Jim worked for almost 13 years at Wells Fargo & Co. as the BSA Officer and Global Head of Financial Crimes Risk Management. He was a founding member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Advisory Board, a three-time member of the Treasury Department’s BSA Advisory Group (BSAAG), and the author of Transnational Criminal Organizations, Cybercrime, and Money Laundering.

Tagged as...

  •   BSA/AML Compliance
  •   CDD/EDD
  •   Examination
  •   High-Risk Customer Management
  •   SARs