Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Tag Archives: hemp

At Long Last, FinCEN Offers Much Awaited Guidance Regarding BSA Due Diligence Requirements for Hemp Businesses

Posted in Banking, Cannabis, Trending News
Ever since Congress passed the 2018 Farm Bill and hemp was declassified under federal law as a Schedule I controlled substance, financial institutions have struggled with whether and how to bank the hemp industry. Many bankers simply feared that the distinction between legal hemp (which cannot contain more than 0.3 percent THC on a dry-weight… Continue Reading

Hemp-Banking Guidance Leaves a Lot of Questions

Posted in Cannabis
The financial services industry has been waiting with bated breath for guidance from its regulators on banking hemp and hemp-derivatives like CBD. On Tuesday, December 3, federal regulators issued a joint statement attempting to “provide clarity” on the issue. Unfortunately, that guidance had landed with a distinct thud. Rather than providing practical guidance to the… Continue Reading