The Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. This covers hemp-related businesses, not marijuana-related businesses, which will fall under FinCEN’s 2014 guidance.
The guidance is intended to explain how financial institutions can conduct due diligence for hemp-related businesses and identifies the type of information and documentation financial institutions can collect from hemp-related businesses to comply with BSA regulatory requirements. While the guidance follows due diligence procedures likely already in place at your credit union for meeting BSA/AML expectations, SAR reporting, and CTR filings there are few clarifications.
Expectations under BSA/AML include:
Detailed analysis of the guidance can be found on CUNA’s CompBlog.