Thursday, January 9, 2020
12:00 – 1:30 pm (Eastern Time)
11:00 – 12:30 pm (Central Time)
10:00 – 11:30 am (Mountain Time)
9:00 – 10:30 am (Pacific Time)
Approximately thirty-three states and the District of Columbia have legalized marijuana in some form. This new industry has given rise to opportunities for entrepreneurs, and all these new businesses entering the marketplace need financial institutions to provide banking services to them. But…with marijuana-use and sales still illegal at the federal level your institution may be more than hesitate to enter into account relationships with marijuana-related businesses (MRBs). And what about industrial hemp and CBD businesses? Is it “safe” to bank them?
During this session we will dive into marijuana-related regulations and review FinCEN guidance to help you establish your due diligence policies and procedures and develop strategies for monitoring these businesses to ensure you remain in compliance.
HIGHLIGHTS AND TAKEAWAYS
- Understanding the types of MRBs
- Review of FinCEN’s guidance and how to incorporate it into your process
- Risking MRBs based on tiers of business activity
- Suspicious Activity Reporting requirements for MRBs
- Initial and ongoing due diligence to detect and monitor MRB activity
- Review of what is legalized under the Hemp Farming Act
Dawn began her banking career working for a community bank, while attending The Ohio State University. She has nearly fifteen years of experience in client service, operations, information technology, administrative and board relations, marketing and compliance. Most recently Dawn served as the Senior Vice President of Bank Operations for a central-Ohio based community bank, where she created and refined the bank’s policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. She has served in the roles of Compliance, BSA/AML, CRA, Privacy and Security Officer and led training initiatives, prepared due diligence information for and completed a variety of regulatory applications and coordinated internal and external audits and exams.
1.5 CPE Credits