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FinCEN Reporting Requirements Related to COVID-19

FinCEN Reporting Requirements Related to COVID-19

Posted on: June 9th, 2020

Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19. The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes. BSA REPORTING OBLIGATIONS FinCEN expects financial institutions to adhere to […]

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Bank Regulators Ease SAR Requirements for Hemp-Related Businesses

Bank Regulators Ease SAR Requirements for Hemp-Related Businesses

Posted on: April 15th, 2020

Banks are no longer required to file suspicious activity reports (SARs) for customers engaging in the growth or cultivation of hemp. Under the 2018 Farm Bill, hemp has been reclassified. DEFINITION OF HEMP The 2018 Farm Bill now defines hemp as a variety of cannabis that contains .3% or less tetrahydrocannabinol (THC). By doing this, […]

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