Archived Webinar

Banking Marijuana Related Businesses

Regulatory & Due Diligence Challenges for Financial Institutions

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.
  •   BSA/AML Compliance
  •   Examination
  •   High-Risk Customer Management

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