THE US MEDICAL MARIJUANA INDUSTRY AND AML: OPPORTUNITIES AND RISKS

The National Law Review on 16th August published an article discusses recent developments in the light of the fact that growing and dispensing marijuana is still illegal under federal law.  As a result, being involved in even a state-licensed marijuana business can be risky.  Moreover, it adds, obtaining financial services for such a business is sometimes impossible, primarily due to the federal AML obligations imposed upon financial institutions by the Bank Secrecy Act.  It looks at the difficulties faced by one state-licensed business, and at recent guidance issued by the New York Department of Financial Services, which has declared its support and encouragement of state-chartered banks and credit unions to offer banking services to medical marijuana related businesses licensed by New York State.

https://www.natlawreview.com/article/medical-marijuana-industry-and-aml-opportunities-and-risks

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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