FinCEN Issues Guidance for Hemp-Related Business Customers

December 7, 2020 - 3 min read

The Financial Crimes Enforcement Network (FinCEN) issued FIN-2020-G001, FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers (the “Guidance”), to address questions related to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp- related business customers. The Guidance explains how financial institutions can conduct due diligence for hemp-related…

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Agencies Issue Clarifying Statement on Banking Hemp-Related Businesses

February 28, 2020 - 2 min read

On December 3, 2019, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency (OCC) in consultation with the Conference of State Bank Supervisors (CSBS), issued a statement, “Providing Financial Services to Customers Engaged in…

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