Special Alert: Banks no longer required to file SARs for hemp-related businesses

Agency Rule-Making & Guidance Federal Reserve FDIC FinCEN OCC CSBS Department of Agriculture Bank Secrecy Act SARs Hemp Businesses Special Alerts

Federal and state banking regulators confirmed in a December 3 joint statement that banks are no longer required to file a suspicious activity report on customers solely because they are “engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.”

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Click here to read the full special alert.

For questions about the alert and related issues, please visit our Bank Secrecy Act/Anti-Money Laundering practice page, or contact a Buckley attorney with whom you have worked in the past.