Guidance Regarding Due Diligence Requirements under the BSA for Hemp-Related Business Customers

The Financial Crimes Enforcement Network (FinCEN) is issuing guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers.  This guidance explains how financial institutions can conduct due diligence for hemp-related businesses, and identifies the type of information and documentation financial institutions can collect from hemp-related businesses to comply with BSA regulatory requirements.  This clarification is intended to enhance the availability of financial services for, and the financial transparency of, hemp-related businesses in compliance with federal law.  This guidance supplements the December 3, 2019 interagency statement on providing financial services to customers engaged in hemp-related businesses.

 

Read the Guidance here.

 

 

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