Originally Presented: October 19, 2020
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 educational 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