Regulatory Alerts2018-06-28
Secretary's Letter on Industrial Hemp and Banking
Pennsylvania Secretary of Banking and Securities Robin L. Wiessmann issued guidance to state-chartered financial institutions regarding the provision of banking services to industrial hemp research participants. The letter mandates that institutions conduct rigorous due diligence to verify PDA permits and ensure compliance with Bank Secrecy Act and Anti-Money Laundering obligations. It further instructs providers to file Suspicious Activity Reports when transactions involve illegal funds or lack a lawful business purpose.
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