9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Banking hemp-related businesses just got easier! New FinCEN guidance provides clarity and outlines specific requirements for due diligence and hemp-related SARs. Learn the ins and outs with this timely webinar.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Distinguish between a hemp business and a marijuana business under federal law
- Understand when you should file a standard SAR in lieu of a “marijuana” SAR
- Conduct the specific due diligence required on a hemp business
- Explain the specific information and documentation your credit union must collect for a hemp business
- Define the differences in your credit union’s requirements for a hemp business versus a marijuana business
It is crucial for your credit union to understand the law for banking hemp and/or marijuana businesses. On June 29, 2020, FinCEN issued a new guidance which is intended to “enhance the availability of financial services for, and the financial transparency of, hemp-related businesses.” This new guidance provides clarity to previous interagency statements. It sets forth your credit union’s specific due diligence requirements and SAR reporting requirements for hemp-related businesses. In fact, this guidance can make your credit union’s process easier, but you need to understand how it works. This webinar will explain it all in detail.
Attendance certificate provided to self-report CE credits.
WHO SHOULD ATTEND?
This informative session is designed for deposit operations personnel, loan operations personnel, officers, member service representatives, BSA personnel, compliance personnel, attorneys, and managers.
- FinCEN guidance dated 6/29/20, Due Diligence Requirements Under the Bank Secrecy Act for Hemp-Related Business Customers
- NCUA Letter 20-CU-19, Additional Guidance Regarding Servicing Hemp-Related Businesses
- NCUA Letter 19-RA-02, Serving Hemp Businesses
- Employee training log
- Interactive quiz
|"Deposit Account Series:
Banking Cannabis Businesses: Hemp, CBD, THC & More"
Tuesday, February 18, 2020
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.