Law360 (June 29, 2020, 4:23 PM EDT) -- The Financial Crimes Enforcement Network issued new guidance on Monday telling financial institutions to use standard risk-based processes when monitoring hemp-related businesses for Bank Secrecy Act compliance, an effort to free up financial support for a fully legal industry that nonetheless continues to give banks pause.
In assessing BSA and anti-money laundering, or AML, compliance for companies dealing in hemp — the only form of cannabis legalized at the federal level — firms should conduct due diligence "as they would for all customers" using a risk-based lens, the financial crimes unit of the U.S. Treasury Department said.
"As with any customer,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!