Banking hemp-related businesses just got easier! New FinCEN guidance provides clarity and outlines specific requirements for due diligence and hemp-related SARs. Learn the ins and outs with this timely webinar.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Distinguish between a hemp business and a marijuana business under federal law
- Understand when you should file a standard SAR in lieu of a “marijuana” SAR
- Conduct the specific due diligence required on a hemp business
- Explain the specific information and documentation your credit union must collect for a hemp business
- Define the differences in your credit union’s requirements for a hemp business versus a marijuana business
It is crucial for your credit union to understand the law for banking hemp and/or marijuana businesses. On June 29, 2020, FinCEN issued a new guidance which is intended to “enhance the availability of financial services for, and the financial transparency of, hemp-related businesses.” This new guidance provides clarity to previous interagency statements. It sets forth your credit union’s specific due diligence requirements and SAR reporting requirements for hemp-related businesses. In fact, this guidance can make your credit union’s process easier, but you need to understand how it works. This webinar will explain it all in detail.
WHO SHOULD ATTEND?
This informative session is designed for deposit operations personnel, loan operations personnel, officers, member service representatives, BSA personnel, compliance personnel, attorneys, and managers.
- FinCEN guidance dated 6/29/20, Due Diligence Requirements Under the Bank Secrecy Act for Hemp-Related Business Customers
- NCUA Letter 20-CU-19, Additional Guidance Regarding Servicing Hemp-Related Businesses
- NCUA Letter 19-RA-02, Serving Hemp Businesses
- Employee training log
- Interactive quiz
SPEAKER: Elizabeth Fast, SpencerFane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.