Could a cannabis business open an account or borrow from your financial institution? Or does confusion remain regarding the difference between marijuana- and hemp-related laws?
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Define direct MRBs versus indirect MRBs
- Discuss risk-based approaches to due diligence, monitoring, and reporting
- Understand the requirements set forth in FinCEN guidance
- Distinguish between MRBs and legalized industrial hemp-related businesses
- Discover best practices for providing specific banking products and services to this industry
- Utilize provided tools to support your due diligence process
Although marijuana remains a Schedule I substance federally, as of November 2020, 34 states have legalized either medical marijuana, recreational marijuana, or both. This has created an entirely new, booming industry, packed with businesses who need deposit accounts, loans, and other financial products.
Where do you start? What are the risks? What due diligence is required? What about all the cash transactions, CTRs, and SARs? What reporting is expected? In this session, we will address these questions, differentiate between marijuana-related and hemp-related laws, and map out the landmines. Let’s learn the facts so you can make an informed decision about whether to serve these businesses.
WHO SHOULD ATTEND?
This informative session is perfect for branch managers, loan managers, BSA officers, compliance officers, and senior management.
- Red flags for marijuana-related businesses
- Industrial hemp/CBD Enhanced Due Diligence worksheet
- Sample Banking Marijuana-Related Businesses Policy
- Employee training log
- Interactive quiz
ABOUT THE PRESENTER – Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 20 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits, and exams, and presented for numerous state associations.
- Live Webinar - $245
- Recorded Webinar and Digital Download - $245 plus tax
- Live Webinar, Recorded Webinar and Digital Download - $320 plus tax