Federal Reserve Sends Reminder That Hemp Businesses Can Get Bank Accounts

Marijuana Moment’s Kyle Jaeger has the full details. Here’s an excerpt:

But as others have recognized, the central bank district said that despite “the change in the legal treatment of hemp, many bankers have been reluctant to work with the industry because of regulatory concerns.”

To that end, the the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network (FinCEN) issued guidance last year clarifying that “banks are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.”

Even so, it is apparent that some financial institutions remain reluctant to bank hemp businesses, and so the Fed is seeking to put them at ease with the new explanatory post.

“The main takeaway from the regulators’ statement is that banks no longer need to automatically fill out Suspicious Activity Reports (SARs)…

Full article here at Marijuana Moment