Do you understand the operational challenges and SARs required when providing deposit accounts to cannabis-related businesses?
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Define and distinguish cannabis, CBD, THC, hemp, and marijuana
- Plan for major operational challenges when providing deposit accounts to cannabis-related businesses
- Outline compliance requirements for cannabis-related deposit accounts
- Identify red flags for cannabis-related deposit account activity
- Explain the three kinds of SARs that need to be filed on marijuana-related businesses
- Differentiate levels of risk for cannabis-related businesses
More than 30 states have legalized some form of cannabis, whether hemp, marijuana, or CBD. Companies that are directly and indirectly involved in the cannabis business continue to seek viable financial services and relationships. However, many struggle to gain consistent access to financial institutions due to a lack of guidance on accepting and monitoring such relationships. At the same time, financial institutions are eager to get consistent regulatory guidance, so they can provide the services requested. This webinar will focus on how financial institutions are currently accepting deposits, lending money, and providing other financial services to cannabis businesses and their service providers – despite the lack of guidance or comprehensive comfort under federal law.
WHO SHOULD ATTEND?
This informative session will benefit senior management, operations staff, and compliance personnel at financial institutions that open or may open deposit accounts for cannabis-related businesses.
- Sample policies
- Account opening checklists
- Reference materials
- Employee training log
- Interactive quiz
SPEAKER: Joseph Silvia, Howard & Howard Attorneys, PLLC
Joe Silvia is an attorney in the Chicago office of Howard & Howard Attorneys. His practice concentrates on the financial industry, including mergers, acquisitions, strategic transactions, general corporate matters, private equity, financial technology, and banking and consumer finance regulations. Joe advises clients and writes and speaks to industry groups on topics related to the corporate activities and supervision of financial institutions, including state and federal regulations regarding retail banking, third-party risk management, anti-money laundering, OFAC compliance, payments, blockchain, and digital currencies. Joe previously served as counsel to the Federal Reserve Bank of Chicago and is currently an Adjunct Professor of Law at Chicago-Kent College of Law where he teaches consumer banking law.