Tuesday, April 20, 2021
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)
Although marijuana remains a Schedule I substance federally, as of November 2020, 34 states have legalized either medical marijuana, recreational marijuana, or both. This has opened an entirely new, booming industry, packed with businesses who need deposit accounts, loans, and other financial products.
But…with little in the way of specifics from the regulators, many institutions understandably struggle to balance providing products and services to these businesses with adhering to the reporting requirements and transaction monitoring expected by the examiners.
It's important that you institution can handle even these relatively common situations while staying compliant:
- Even if your institution has declined these accountholders up to now could a cannabis business open an account or borrow from your financial institution without your being aware?
- Do you have procedures in place to identify existing accountholders who may become involved in the cannabis industry?
- Where do you start?
- What are the risks?
- What due diligence is required?
- What about all the cash transactions, CTRs, and SARs?
- What reporting is expected?
This jam-packed session will address these questions, differentiate between marijuana-related and hemp-related laws, and map out the landmines. Learn the facts so you can make an informed decision about whether to serve these businesses.
- Differentiate hemp-related, marijuana-related, and CBD businesses hemp
- Distinguish FinCEN’s recent guidance for conducting due diligence on hemp-related businesses and FinCEN’s MRB guidance
- Ask the “right” questions at account opening to avoid “discovering” a cannabis business long after the fact
- Update your compliance program, including risk assessment, monitoring, and training
- Discuss legislation on the horizon regarding banking marijuana-related businesses
- Use provided tools to establish your initial and ongoing due diligence for these accountholders
Who Should Attend?
This informative session will benefit loan officers, branch managers, operations personnel, BSA officers, and compliance officers.
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