FinCEN Guidance A Positive Step For Hemp Businesses

Law360 (July 14, 2020, 3:31 PM EDT) -- On June 29, the U.S. Department of the Treasury Financial Crimes Enforcement Network issued guidance clarifying requirements under the Bank Secrecy Act, or BSA, for financial institutions providing services to hemp-related businesses.[1]

More specifically, the guidance applies to all financial institutions as defined in FinCEN's regulations.[2] It clarifies how these financial institutions can conduct due diligence on hemp-related businesses in order to comply with BSA regulatory requirements, including customer due diligence requirements for account opening purposes and suspicious activity reporting, or SAR, requirements.

The 2020 guidance also supplements an earlier December 2019 joint statement issued by FinCEN and three other federal...

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