Webinar: Managing BSA Risks from Cannabis Businesses

Even banks that don’t provide services to the cannabis industry must protect their institutions. Effectively managing the risk associated with cannabis-related businesses has become critical to banks’ BSA programs.

During a webinar entitled “Marijuana, Hemp and CBD. Oh My!” on August 4, 2020, TCA Compliance’s Brian Crow discussed the latest developments in the cannabis industry and what banks need to know to protect their institutions.

“Although 33 states have legalized marijuana, it is still illegal at the federal level. Add that to cannabis derived hemp and the compliance requirements become even more complex.” says Crow, TCA’s co-president and managing partner.

The topic is essential even for banks that don’t provide services to the cannabis industry. Compliance officers still need to recognize the red flags and understand their due diligence requirements to be able to identify those looking to circumvent an institution’s controls. Since many institutions have elected not to bank the cannabis industry, some customers may attempt to hide their true nature of business when completing account questionnaires.

The 90-minute webinar covered:

  • State and federal marijuana laws
  • Evolution of federal and state laws for marijuana, hemp, and their derivatives
  • Current status of federal prosecution of “legalized” marijuana
  • FinCEN February 2014 Marijuana Guidance
  • Differences between “direct” and “indirect” marijuana-related businesses
  • 2018 Farm Bill and USDA Hemp regulation
  • FinCEN guidance on filing SARs relating to hemp
  • FinCEN guidance on hemp-related business due diligence
  • FDA regulation of CBD oil products
  • Suspicious activity red flags for marijuana- and hemp-related businesses
  • Due diligence requirements for onboarding and monitoring cannabis-related customers
  • SAR filing requirements for cannabis-related customers

To request access to the webinar recording, visit TCA’s website at https://www.tcaregs.com/webinars/

Registration Fees:

  • $229 for TCA Clients
  • $279 for non-TCA Clients

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