BSA/AML – Banking Marijuana
USC - Federal Law, US Patriot Act, FinCEN
Marijuana is a smokin’ hot topic in the world of BSA, pun intended. As we all know, on a Federal level marijuana is an illegal substance. However, it is fast becoming a norm for legalization at the State level. Banking marijuana is a challenging decision for many institutions. While the significant fee income is obvious, there is a business objective and risk factor to consider.
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