FINCEN GUIDANCE: DUE DILIGENCE AML/CFT REQUIREMENTS UNDER THE BANK SECRECY ACT FOR HEMP-RELATED BUSINESS CUSTOMERS

A news release ON 29 June from FinCEN provided guidance for financial institutions1 on how they can conduct due diligence for hemp-related businesses, and identifies the type of information and documentation financial institutions can collect from hemp-related businesses to comply with BSA regulatory requirements.

https://www.fincen.gov/sites/default/files/2020-06/FinCEN_Hemp_Guidance_508_FINAL.pdf

 

 

 

 

 

 

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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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