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MoFo Reenforcement The Enforcement Blog

Federal Regulators Issue Joint Guidance on Banking Hemp-Related Businesses

Posted in Regulatory Developments

According to new guidance released on December 3, 2019, banks are not required to file suspicious activity reports on customers solely because they are engaged in the legal growth or cultivation of hemp. The guidance was issued by the federal banking agencies and the Financial Crimes Enforcement Network in consultation with the Conference of State Bank Supervisors. We discuss the key takeaways from the new guidance and how it impacts banks and their customers.

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