Originally Presented: March 14, 2019
As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking marijuana-related businesses (MRBs).
Thorough Customer Due Diligence on MRBs is critical to ensure your institution is meeting BSA requirements for this high-risk customer category. Your compliance program should include effective procedures for identification, risk assessment, periodic reviews, and ongoing surveillance of Marijuana-related Businesses.
Join us for an informative session on the banking of Marijuana-Related Businesses, with a focus on meeting BSA requirements and refining CDD processes for this growing industry.
This educational webinar will include:
- Overview of the scale of the marijuana industry, how derisking impacts the US financial system, and the potential BSA/AML risks of this high-risk customer category.
- Highlights from U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions entitled Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses
- Review of highlights from FinCEN Guidance, including red flags and BSA compliance obligations for Marijuana-Related Businesses.
- Discussion on the challenges of Customer Due Diligence for high-risk customers, including identification, risk assessment and scoring, monitoring, and managing risk reviews for Marijuana-Related Businesses.
- Discussion on the role of data and technology to improve customer due diligence, risk management and compliance processes for Marijuana-Related Businesses.