Banking Marijuana Related Businesses

Presented by

Corey Lynch, Verafin

About this talk

Presented by Verafin As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking marijuana-related businesses (MRBs). Thorough Customer Due Diligence on MRBs is critical to ensure your institution is meeting BSA requirements for this high-risk customer category. Your compliance program should include effective procedures for identification, risk assessment, periodic reviews, and ongoing surveillance of Marijuana-related Businesses.   Join us for an informative session on the banking of Marijuana-Related Businesses, with a focus on meeting BSA requirements and refining CDD processes for this growing industry. This educational webinar will include: - Overview of the scale of the marijuana industry, how derisking impacts the US financial system, and the potential BSA/AML risks of this high-risk customer category. - Highlights from U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions entitled Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses - Review of highlights from FinCEN Guidance, including red flags and BSA compliance obligations for Marijuana-Related Businesses. - Discussion on the challenges of Customer Due Diligence for high-risk customers, including identification, risk assessment and scoring, monitoring, and managing risk reviews for Marijuana-Related Businesses. - Discussion on the role of data and technology to improve customer due diligence, risk management and compliance processes for Marijuana-Related Businesses.
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Nasdaq Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.