Last week the Federal Reserve Board, FDIC, FinCEN, and the OCC, working with the Conference of State Bank Supervisors released a statement on "Providing Financial Services to Customers Engaged in Hemp-Related Businesses." I have not seen any comment or action by the NCUA but it will probably follow. The statement includes BSA considerations that state:
"Because hemp is no longer a Schedule I controlled substance under the Controlled Substances Act, banks are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. For hemp-related customers, banks are expected to follow standard SAR procedures, and file a SAR if indicia of suspicious activity warrants"
Compliance with regulatory requirements for customer identification, suspicious activity reporting, currency transaction reporting, and risk-based customer due diligence, including the collection of beneficial ownership information for legal entity customers remains unchanged. It only applies to hemp and not marijuana. FinCEN will issue additional guidance after further review and evaluation of the U.S. Department of Agriculture (USDA) interim final rule that was released on October 31, 2019.
Here's a link to the full statement.
If you have any questions, I'd be glad to discuss how financial insitutions can provide services to the hemp or cannabis industry.