In this session, we will discuss appropriate training, policies, and procedures to ensure that your frontline personnel is prepared to identify and refer potentially suspicious activity.
This program will answer commonly asked frontline questions and will review the red flags of terrorist financing, money laundering, and other financial crimes.
You don't want to miss this fun and engaging frontline training session, which will help improve the quality of your anti-money laundering program!
The Gist: Financial Institutions that engage in transactions involving money generated by marijuana-related activity are subject to criminal liability for failure to identify or report financial transactions which implicate violations of the U.S. Controlled Substances Act (“CSA”).
However, there is real potential for community banks and credit unions to offer their services to marijuana businesses. This is because bigger national banks continue to close out the last of their existing cannabis-related accounts. Although your Institution would still take on risk by providing services - which, technically, would violate federal law - if you comply with the Cole Memo and FinCEN Guidance, then this could be a lucrative opportunity.