Regulatory Alerts2014-07-17
Guidance on Marijuana-Related Businesses
The Idaho Department of Finance directed state-chartered financial institutions to adhere to federal FinCEN and DOJ guidance regarding banking services for marijuana-related businesses. Financial institutions must conduct rigorous customer due diligence and file specific Suspicious Activity Reports categorized as Marijuana Limited, Priority, or Termination based on compliance with state laws and federal enforcement priorities. Examiners will utilize this framework to assess institutional risk management and ensure alignment with the Cole Memo's eight enforcement priorities.
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