Banking Cannabis-Related Businesses: Marijuana, Hemp and CBD

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Presented by

Corey Lynch, Jim Richards, Heather Allen

About this talk

The burgeoning U.S. cannabis industry is subject to a complex regulatory compliance landscape, with laws differing from coast to coast, at state and federal levels, and varying between marijuana-related businesses (MRBs), CBD-related businesses, and hemp-related businesses. As profits flourish, financial institutions are facing significant regulatory uncertainty regarding the risks and rewards of banking cannabis-related businesses (CRBs). Join Jim Richards, former BSA Officer at Wells Fargo, Heather Allen, First Vice President and BSA Officer at Peoples Bank, and Corey Lynch, Product Expert at Verafin, as they discuss the intricacies of banking CRBs. From informative industry perspectives to the latest developments, these speakers will keep you informed of the importance of effective procedures for segmenting and periodically reviewing CRBs with a risk-based approach that aligns with your institution’s risk appetite. Highlights from this educational webinar include: - Background on the scale of the cannabis industry, how derisking impacts the U.S. financial system, and the potential BSA/AML risks of this high-risk customer category. - An overview of recent industry guidance and compliance obligations surrounding CRBs. - A discussion regarding the challenges of customer due diligence for high-risk customers, including segmentation, risk assessment and scoring, monitoring, and managing risk reviews for CRBs. - A discussion on the role of data and technology to improve customer due diligence, risk management and compliance processes for CRBs

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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.