Approximately thirty-three states and the District of Columbia have legalized marijuana in some form. This new industry has provided opportunities to entrepreneurs, and these new businesses need banking services. But with marijuana use and sale still illegal at the federal level and the repeal of the Cole Memo, your institution may be hesitant to serve marijuana-related businesses (MRBs). This webinar will dive into marijuana-related regulations and review FinCEN guidance to help you establish due diligence policies/procedures and develop MRB monitoring strategies to ensure compliance.
- Understanding the types of MRBs
- FinCEN guidance and how to incorporate it into your process
- Risk rating MRBs based on tiers of business activity
- Suspicious activity reporting requirements for MRBs
- Initial and ongoing due diligence to detect and monitor MRB activity
- TAKE-AWAY TOOLKIT
- Sample BSA policy language
- Red flags for marijuana-related businesses
- MRB enhanced due diligence worksheet
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This valuable session will benefit new accounts personnel, branch managers, operations staff, BSA officers, and compliance officers.
SPEAKER: Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 17 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.