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You are here: Home / Archives for FINCEN

FINCEN

Banking on Cannabis: An Insider’s Guide to Banking With Marijuana-Related Businesses

December 10, 2018 by Alan Hanson Leave a Comment

By Alan Hanson There are many articles written about the issues surrounding banking Marijuana-Related Businesses (MRBs), but there are very few that discuss how banks can actually do this. And there are even fewer written by someone who has successfully helped a bank do it! As general counsel and compliance officer for an Oregon credit union, […]

Filed Under: Banking, Finance & Real Estate Tagged With: Bank Secrecy Act, Cole Memo priorities, Controlled Substances Act, FINCEN, initial due-diligence, Legal Risk, Marijuana related businesses, on-going due-diligence, Reputational Risk, Standard Currency Transaction Reports, Suspicious Activity Reporting, The RICO Act, Third-Party Services

Solving the Cannabis Banking Issue: De Novo Bank/Credit Union or Acquisition—What’s Possible?

November 19, 2018 by Sundie Seefried Leave a Comment

I field a number of calls from people wanting to start or acquire a financial institution to solve the lack of access to banking for the cannabis industry. So, what is possible and what roadblocks might you expect to face? State vs. Federal Charters: People often view ‘state chartered’ financial institutions as the charter that […]

Filed Under: Banking, Finance & Real Estate Tagged With: Anti-Money Laundering, Bank Secrecy, Bank vs. Credit Union, De Novo – New Bank Charter, FINCEN, Private vs. Federal Insurance, State vs. Federal Charters

Cannabis Banking – REALITY CHECK

October 24, 2018 by Sundie Seefried Leave a Comment

By Sundie Seefried Better Banked or Unbanked? So, true story here. Me and some of my staff attended a half day symposium on ‘the state of cannabis and banking’ in Colorado.  The audience was composed of mostly bankers. This was a while back, but a story that deserves repeating. After hearing presentations to include emphasis […]

Filed Under: Banking, Finance & Real Estate Tagged With: Cannabis Industry banking, FINCEN

Cannabis, Congress and Courage: Why Banks aren’t Banking Marijuana Businesses

September 14, 2018 by Jim Richards Leave a Comment

By Jim Richards In January 2018, Attorney General Sessions “revoked Obama-era guidance that had effectuated a hands-off approach to state-legalized cannabis businesses.” This quote from an online National Law Journal article (see https://www.law.com/nationallawjournal/2018/09/11/feds-should-be-banging-the-drum-the-loudest-for-cannabis-industry-banking/?slreturn=20180812164053) and others like it, have been used by both (all?) sides of the marijuana argument currently embroiling America. But what, exactly, did […]

Filed Under: Banking, Finance & Real Estate Tagged With: Associate Attorney General Brand, Attorney General Sessions, Bank Secrecy Act, Cole I, Cole II, Cole III, Department of Justice (DOJ), FINCEN, National Credit Union Association, Ogden Memo, President Trump, Treasury Secretary Mnuchin, Wilkinson Memo

Blowing Smoke: Marijuana Banking Scams

May 21, 2018 by Hilary Bricken Leave a Comment

By Hilary Bricken What are the specific red flags to look for if you’re being pitched on a ‘solution to the marijuana banking problem’? Of the many issues that prevent cannabis businesses from acting like regular businesses, their lack of access to banking is probably the most hindering. Since commercial cannabis activity remains a federal […]

Filed Under: Banking, Finance & Real Estate Tagged With: FINCEN, FinCEN guidelines, suspicious activity reports ("SARs"), The Bank Secrecy Act

Reading The Pot Leaves: What The Sessions Memo Means For Marijuana In The U.S.

January 11, 2018 by Hilary Bricken Leave a Comment

This has spurred bipartisan support (and backlash) from Congress for federal legislation to let the states have full reign over marijuana. By HILARY BRICKEN Last week was an exciting and somewhat scary week for the marijuana industry. It started with California kicking off its long-awaited, newly regulated medical and adult use markets on Monday. Then, […]

Filed Under: Policy & Legal Tagged With: Cole Memo, FINCEN, James M. Cole, Ogden Memo, principles of enforcement in the U.S. Attorneys’ Manual, Wilkinson Statement

Jeff Sessions Waives Sword of Damocles

January 4, 2018 by Steven Schain 1 Comment

By Steve Schain With Jeff Sessions threatening to singlehandedly crush $7.2 billion legalized marijuana industry spanning 30 states, generating millions in taxes and providing 10 of thousands of jobs, much confusion abounds. While unclear if merely a “knee jerk reaction” to California program’s launch breadth of coverage, unless and until the United States Department of […]

Filed Under: Policy & Legal Tagged With: Attorney General Jeff Sessions, Cole Memo, Department of Justice, FINCEN, Ogden Memo, Rohrabacher- Blumenauer amendment

Marijuana Banking Takes Massive Leap Forward

July 14, 2017 by Steven Schain 1 Comment

Last month witnessed a marijuana banking explosion. Spanning 29 states and generating $7.2 billion in 2016, the United States’ legalized marijuana industry’s greatest obstacle—banking—was significantly reduced by the Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network’s (FinCEN) June 6, 2017, “marijuana banking update,” The Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City, […]

Filed Under: Compliance and Regulations, Policy & Legal Tagged With: Cole Memo, FINCEN, marijuana banking explosion, The Fourth Corner Credit Union

Seed to Sale on Steroids: Guardian Data Systems and ROAR

July 12, 2016 by Rob Meagher Leave a Comment

In June 2014, I attended my first cannabis tradeshow and had the opportunity to hear Lance Ott, CEO of Guardian Data Systems (GDS) speak. I was impressed by his knowledge of the banking, financial services, and payment processing world. My eyes opened to the importance of having a transparent and accessible system available to help […]

Filed Under: Company Stories, Science and Technology Tagged With: Brett Taylor, FINCEN, Guardian Data Systems, Joel Stangeland, Lance Ott, Rick Gilchrist, ROAR ERP

Cannabis Banking Issues: All Cash and Not A Lot of Protection

June 1, 2016 by Steven Schain Leave a Comment

Marijuana Banking rules medical pot businesses

By Steven Schain Ever accidentally find $5.4 billion of cash in your back pocket? The cannabis industry did in 2015, after virtually no bank would accept ­legalized marijuana sales deposits. Instead, because the Comprehensive Drug Abuse Prevention and Control Act, 21 U.S.C. Section 801, Et. Seq (1970) (Controlled Substance Act), prohibits “manufacture, distribution, and ­dispensation” […]

Filed Under: Banking, Finance & Real Estate Tagged With: Bank Secrecy Act, Cannabis Banking, Comprehensive Drug Abuse Prevention and Control Act, Controlled Substances Act, Currency and Foreign Transactions Reporting Act, FINCEN

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