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Banks and financial services companies interested in serving the cannabis industry face a complex regulatory environment. Contradictions between existing federal law and guidance issued by the U.S. Department of Justice and U.S. Treasury Department’s Financial Crimes Enforcement Network, and the relative silence from the prudential regulators, have acted as a deterrent to many wishing to serve the industry, even though it has been legalized in many states. Yet with each passing day, more financial institutions are expressing an interest in serving cannabis merchants, and institutions that have been serving the cannabis industry are looking to expand their business exponentially. Before doing so, however, banks and others need to understand the current regulatory landscape and associated risks, their BSA/AML and related obligations, and the best way to manage these risks. Failure to do so can have several negative consequences, including civil or criminal enforcement actions.
This webinar is for those banks and financial services companies looking to serve the cannabis industry, as well as those that want to expand this business relationship. Similarly, it is for cannabis merchants looking to establish a banking relationship—by understanding the legal and regulatory requirements for banks, cannabis merchants can design and explain their own policies and procedures in a way that will inspire confidence in potential bank partners.
Michael J. Bresnick, Partner, Chair of the Financial Services Investigations and Enforcement Practice, Venable LLP
D. E. (Ed) Wilson, Jr., Partner, Banking and Financial Services Regulatory, Venable LLP
© 2016 Venable LLP. Using, distributing, possessing, and/or selling marijuana is illegal under existing federal law. Compliance with state law does not guarantee or constitute compliance with federal law. This informational overview is not intended to provide any legal advice or any guidance or assistance in violating federal law.